There will be demand for nearly 35,000 aircraft, valued at 5.3 trillion U.S. dollars, in the next 20 years, with Asia Pacific identified as the main "engine," Airbus China said Tuesday.
According to Airbus Global Market Forecast 2017-2036, the number of passenger aircraft with more than 100 seats will increase to 40,000 planes in the next 20 years, said Airbus China on a press release.
As a result, all eyes are on emerging markets such as China, India, the rest of Asia and Latin America.
Asia Pacific continues to be an engine for growth, with China poised to become the world's largest market, said Airbus Commercial Aircraft CEO John Leahy.
"Air travel is remarkably resilient to external shocks and doubles every 15 years," said Leahy.
Airbus forecasts that in the 2017-2036 period the world's aviation market will need around 34,170 passenger aircraft and 730 freighter aircraft, worth a combined 5.3 trillion dollars.
The huge demand will be driven by increasing numbers of first time flyers, rising disposable incomes, expanding tourism, new routes and evolving business models.
Airbus forecast that over the next 20 years, Asia Pacific will take 41 percent of new deliveries, followed by Europe with 20 percent and North America at 16 percent.
Statistics from Airbus China shows that in 2016 Airbus delivered 688 commercial aircraft worldwide. Of these, 153 were delivered to Chinese operators -- the seventh consecutive year that Airbus has despatched more than 100 deliveries to China.