Airlines to spend US $3.2 trillion on new planes
The world will spend US $3.2 trillion on 26,000 new passenger and freighter planes between now and 2029, according to Airbus’s latest Global Market Forecast (GMF).
Demand is driven by replacement of old aircraft with more efficient ones; growth in new markets; low-cost carriers, particularly in Asia; and continued liberalisation and growth on existing routes.
Of the US $3.2 trillion projected to be spent, around US $2.9 trillion will be spent on around 25,000 passenger planes.
Of these, 10,000 will be replacement planes and 15,000 will be new additions to fleets.
If that proves to be accurate, the world’s combined airline fleet will double from 14,000 now to 29,000 in just twenty years.
“The recovery is stronger than predicted and reinforces both the resilience of the sector to downturns and that people want and need to fly,” said John Leahy, chief operating officer, customers, Airbus.
“The single aisle sector is particularly strong, and our A320neo meets this future demand by providing our customers with the latest innovations and technologies whilst maintaining maximum commonality.
“Our entire product range is very well positioned to meet the economic and environmental needs for sustainable growth for the decades ahead.”