Passenger and freighter aircraft fleet across the world is expected to more than double from the current 23,000 to almost 48,000 by 2038, according to Airbus’ Global Market Forecast report.

With the traffic growing at an annual rate of 4.3%, the report also stated that there is a need for 550,000 new pilots and 640,000 new technicians.

Of the forecasted 47,680 fleet by 2038, 39,210 aircraft are new.

By updating the fleets with the latest generation fuel-efficient aircraft such as the A220, A320neo Family, the firm believes that it will progressively contribute to the decarbonisation of the air transport industry.

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Air traffic has increased by more than double since 2000 despite economic shocks. Air transport is playing a crucial role in linking large population centres, especially in emerging markets.

Airbus International chief commercial officer and head Christian Scherer said: “The 4% annual growth reflects the resilient nature of aviation, weathering short term economic shocks and geopolitical disturbances. Economies thrive on air transportation. People and goods want to connect.

“Globally, commercial aviation stimulates GDP growth and supports 65 million livelihoods, demonstrating the immense benefits our business brings to all societies and global trade.”

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Airbus’ small segment includes the A220 family and all variants of the A320 family. Its A330 and A330neo family belong to the medium segment while the large segment is represented by the A330neo family, along with the larger A350 XWB family.