World aircraft market to get boost from low-cost: Airbus

Rising demand in emerging economies and the soaring success of low-cost airlines is set to raise the market's need for passenger jets over the next two decades, Airbus said today.

In a revised market outlook, the European planemaker put the value of nearly 37,400 new aircraft required to meet global demand at USD 5.8 trillion.

In 2017, Airbus had estimated the world would need 35,000 new planes by 2036, valued at USD 5.3 trillion.

"The world's passenger fleet will more than double to 48,000 aircraft in 20 years ... driving a need for 37,390 new passenger and freighter aircraft" by 2037, Airbus said in a statement.

The jetmaker said it expected global air traffic to rise 4.4 per cent per year.

"Growth drivers include private consumption increasing 2.4 times in emerging economies, higher disposable incomes and a near doubling of the middle classes globally," the statement said.

According to Airbus' chief commercial officer Eric Schulz, the main drivers of growth are the Chinese and Indian markets.

Airbus also cited "evolving airline business models", or low-cost carriers, as key boosters for the industry.

"Of the 37,390 new aircraft required, 26,540 are for growth and 10,850 will replace older generation less fuel efficient aircraft," the statement said.

The world's enlarged fleet will result in a need for over half a million new pilots, it added.

Airbus this week said it was sticking to its target of 800 aircraft deliveries this year despite problems with getting timely delivery of new fuel-efficient engines for its A320neo jets.

The company last month finalised a partnership deal with Canada's Bombardier, the latest move in a long-running battle for the skies against Boeing.