London/ New Delhi: Aircraft manufacturer Airbus on Friday predicted a global demand of 37,390 new passenger and freighter planes valued at $5.8 trillion over the next 20-years.
According to Airbus' new Global Market Forecast (GMF) 2018-2037, the world's passenger fleet is expected to more than double to 48,000 aircraft in 20 years with traffic growing at a resilient 4.4 per cent per year.
The GMF said that growth drivers include private consumption increasing 2.4 times in emerging economies, higher disposable incomes and a near doubling of the middle classes globally.
"There is a growing trend to use aircraft across a broader range of operations, with today's more capable aircraft blurring the boundaries between market segments," Airbus Chief Commercial Officer Eric Schulz was quoted as saying in a statement.
"These realities made us develop a new segmentation with small, medium, large and extra-large categories, reflecting more closely the way airlines operate aircraft."
The report added that out of the 37,390 new aircraft required, 26,540 are for growth and 10,850 will replace older generation less fuel efficient aircraft.