European aircraft maker Airbus said Feb. 7 that the global aircraft market would be worth $2.8 trillion between 2007 and 2026, with total production at 24,300 planes.
The figures are higher than previous predictions given two years ago, when Airbus forecast that the global market would be worth $2.6 trillion for 2006-2025 with production of 22,700 planes.
Airbus said the industry would deliver an average of 1,215 aircraft per year during the period, compared with the previous annual average prediction of 1,130 plane deliveries. Higher aircraft production will help meet a 4.9% annual increase in passenger traffic and a 5.8% annual rise in freight traffic, according to the group's forecasts.
"Air transportation is definitely a growing industry contributing to economic development and generating wealth around the world," Airbus Chief Operating Officer/Customers John Leahy said.
Copyright Agence France-Presse, 2008