It is one hundred years since the world’s first paying passenger took to the skies in 1914. Today 32 million flights carry three billion passengers and 50 million tonnes of freight a year. Globally the aviation sector’s economic impact is estimated at US$2.4 trillion annually. Today aviation is so integral to jobs, to commerce and to international trade that it has become a necessity. Flying has become so easily accessible that people chose to fly on demand.

In the next 20 years (2014-2033), according to Airbus’ Global Market Forecast, passenger traffic will grow annually at 4.7% driving a need for around 31,400 new passenger and freighter aircraft (100 seats and above) worth US$4.6 trillion. The passenger and freighter fleet will increase from today’s 18,500 aircraft to 37,500 by 2033, an increase of nearly 19,000 aircraft.

In advanced economies, international air traffic flows will be the fastest growing. In the emerging economies of Latin America, Africa and Asia Pacific, intra-regional and domestic flows will grow faster. For example, stimulation of new traffic coupled with increased accessibility of air travel will see India record the fastest growing domestic flows, becoming one of the 10 largest markets by 2033.

“Aviation is growing impressively and our latest forecast confirms its long term growth. While mature aviation regions such as Europe and North America will continue to grow, Asia will stand out along with emerging markets for dynamic development,” said John Leahy, Airbus Chief Operating Officer, Customers. “This growth trend is confirmed by Chinese domestic traffic becoming the world’s number one aviation market within the next 10 years”.