According to Airbus' newest Global Market Forecast, the next 20-year passenger traffic growth of 5.3% per annum and accelerated retirement of older less fuel-efficient aircraft will see the Asia-Pacific region require 17,620 new passenger and freighter aircraft. Nearly 30% of these will replace older less fuel-efficient models.
In a region which is home to 55% of the world's population, China, India and emerging economies such as Vietnam and Indonesia will be the principal drivers of growth in Asia-Pacific. GDP will grow at 3.6% per year compared to the world average 2.5% and double in value by 2040. The middle class, which is the likeliest to travel, will increase by 1.1 billion to 3.2 billion and the propensity for people to travel is set to almost triple by 2040.
Of the demand for 17,620 aircraft, 13,660 are in the small category like the A220 and A320 family. In the medium- and long-range categories, Asia-Pacific will continue to drive demand with some 42% of global requirement. This translates to 2,470 medium- and 1,490 large-category aircraft.
Cargo traffic in Asia-Pacific will also increase at 3.6% per annum, well above the global 3.1% average and will lead to a doubling in air freight in the region by 2040. Globally, express freight boosted by e-commerce will grow at an even faster pace of 4.7% per year. Overall, reflecting that strong growth over the next 20 years, there will be a need for some 2,440 freighters, of which 880 will be new build.
Globally, in the next 20 years, there will be a need for some 39,000 new-build passenger and freighter aircraft, of which 15,250 will be for replacement. As a result, by 2040 the vast majority of commercial aircraft in operation will be the latest generation, up from some 13% today, considerably improving the CO2 efficiency of the world's commercial aircraft fleets.
