06photo/iStock via Getty Images
Airbus (OTCPK:EADSF) (OTCPK:EADSY) on Monday raised its forecast for global aircraft demand based on efforts by airlines to modernize their long-haul fleets and growth in Asia.
The European plane maker, the biggest in the world, now expects the global fleet to more than double to 48,230 planes in the next 20 years. That figure covers deliveries of 42,430 new planes, including 41,490 passenger planes.
Source: Airbus
Airbus (OTCPK:EADSF) (OTCPK:EADSY) increased its forecast for total wide-body demand by 9% to 8,920 planes, led by double-digit increases in South America and North America. Conversely, the company lowered its forecast by 2% for the Middle East amid reports of overcapacity. The total demand forecast for wide-body jets includes 940 large freighters, up 2% from the previous report.
“We see particularly strong growth in Asia and the Middle East, led particularly by India and China,” Bob Lange, head of market analysis and forecasts at Airbus (OTCPK:EADSF) (OTCPK:EADSY), said. “Domestic China will overtake the U.S.”