Over 37,000 more global aircraft needed

Added On July 8, 2018

A new report says that in 20 years, the world's passenger fleet will more than double, to a total of 48,000 aircraft.
While the industry attaches importance to the fast-growing Chinese market. 
According to Airbus's new Global Market Forecast 2018-2037 released Friday in London, growth drivers include increasing private consumption in emerging economies, higher disposable incomes and a near doubling of the middle classes globally.
Emerging countries will account for over 60 percent of economic growth, and for these countries, trips per capita are expected to multiply two and a half times.
Airbus Chief Commercial Officer Eric Schulz said he believes the market will need about 37,400 new aircraft within the next 20 years.
Airbus also talked about the significance of the Chinese market.
"Well absolutely I mean the market is vital for us otherwise it would not been the market, the place that we put our first final assembly line (outside Europe)ever. We have expanded on this foot print, we are now having a completing center also for A330,our corporation volume,our procurement volume with Chinese partners is steadily increasing. And I am absolutely positive on our further development in China."
Schulz also said China is the fastest growing single market.
SOUNDBITE(ENGLISH): ERIC SCHULZ, Airbus Chief Commercial Officer   
"Basically in China today the rate of air transport is quite low and the middle class population is flying less than basically 0.1-0.2 flight to year, which means basically that is where the big growth is coming and of course we working very very close with all of our Chinese customers which are as you know, big range of customers including leasing companies because this is the market that is also accelerating on the leasing side as well as on the passenger commercial side."
In the coming years, the expected growth in aircraft will aim to meet the market demands and also see an improvement in efficiency, as new, more fuel efficient aircrafts replace older models.