The Asia Pacific region is expected to require 9,370 aircraft worth $1.3tn over the next two decades, accounting for 34% of new aircraft entering into service worldwide, according to a forecast by Airbus.

The region is expected to replace 76% of the 4,270 aircraft currently in service, with the overall in-service fleet consisting of nearly 9,965 passenger aircraft and around 820 freighters by 2030.

Airbus customers chief operating officer John Leahy said: "We forecast strong growth for aviation in Asia and the Pacific. That’s good news for Airbus and the region alike."

"Asia-Pacific is second to none when it comes to current and future business prospects. And aviation growth will bring increased trade and significant wealth creation into the region," Leahy said.

Air carriers in the region are expected to buy around 3,650 new wide-body aircraft, representing 42% of all wide-body deliveries worldwide. The deliveries will include 730 very large aircraft for the busiest routes along with 2,920 mid-size wide-body aircraft and new A350 XWB, for medium capacity long-range and regional services.

Demand to serve secondary short-haul routes in China and India will see airlines purchase 5,720 new single aisle aircraft in the region, according to Airbus. The report predicts a total demand for nearly 27,800 new passenger and freight aircraft worth $3.5tn during the next two decades, comprising 1,680 very large aircraft, 6,920 twin aisle wide-bodies and 19,170 single aisle aircraft.

Airbus is expecting a 5.9% rise in the number of passengers per year carried by Asia-Pacific airlines, compared to the global average of 4.8%, while the freight market is expected to rise by 5.6% per year in comparison to a 5.1% rise worldwide.

The Airbus report forecasts that the demand for single aisle aircraft in Asia Pacific will rise in the coming years due to the incremental growth in the low-cost sector requiring 5,720 new single aisle aircraft.

According to the new forecast, the freighter fleet operated in the region will rise from the existing 300 to 820 in 2030, signifying 30% of the global freighter fleet and will receive 210 new production freighters over the next two decades.