China's domestic air traffic to become world's largest

BEIJING -- China's domestic air traffic will become the world's largest within 10 years, according to the Global Market Forecast from Airbus released Tuesday.

"While established European and North American markets continue to grow, Asia-Pacific is the engine powering growth in the next 20 years," said John Leahy, Airbus Chief Operating Officer-Customers.

"China will soon be the world's biggest aviation market and together with emerging economies, further population concentration, and wealth creation, together these will help to fuel strong air traffic growth," Leahy said.

Passenger traffic will grow at an average 4.5 percent a year over the next two decades, driving a need for over 33,000 new aircraft of more than 100 seats, Airbus forecast.

By 2035, the global aircraft fleet will double to almost 40,000 aircraft from the current 19,500. Some 13,000 passenger and freighter aircraft will be replaced with more fuel-efficient types.

In the wide-body market, Airbus forecast a trend toward higher-capacity aircraft and forecast a need for over 9,500 wide-body passenger and freighter aircraft over the next 20 years.

In the single aisle market, Airbus predicted a need for over 23,500 new aircraft worth $2.4 trillion. The Asia-Pacific will account for 39 percent of these deliveries.