Airbus predicts world passenger traffic will increase at an average of 4.5 per cent a year between now and 2035. The aircraft manufacturing giant unveiled its Global Market Forecast at Farnborough International Air Show. The study forecasts growth driving demand for more than 33,000 new aircraft of 100-plus seat capacity, worth US$5.2 trillion, over the next 20 years.
Airbus COO John Leahy told delegates that Asian urbanisation and increasing wealth is a key driver of air traffic growth. The Asia-Pacific region is expected to lead the world in RPK (revenue passenger kilometres) growth, averaging an annual rise of 5.7 per cent.
This will see it’s current RPK global share of 30 per cent rise to 36 per cent by 2035. Leahy cited India as a prime example of Asian emerging market potential – India’s domestic air traffic is expected to grow five-fold in the next 20 years.
Airbus’s report also predicts that by 2035, 62 per cent of world population will live in cities, increasing the number of ‘aviation mega cities’ – defined as cities with more than 10,000 daily international long-haul passengers – from 55 currently, to 93 by 2035.