The global demand for aircraft will be almost 20,000 at a total value of $5.3trn in the next 20 years, Airbus has said.

According to the manufacturing giant, some 34,170 passenger and 730 freighter aircraft will be required, with the fleet market for more than 100 seats doubling to 40,000 planes with traffic growth of 4.4 per cent

This will be led by markets such as China, India, wider Asia and Latin America. These have and almost double the 3.2 percent per year growth forecast in mature markets such as North America and Western Europe.

Over the next two decades Asia Pacific is expected to take 41 percent of new deliveries, followed by Europe with 20 percent and North America at 16 percent.

John Leahy, chief operating officer – customers, Airbus Commercial Aircraft, said: “Air travel is remarkably resilient to external shocks and doubles every 15 years.”

“Asia Pacific continues to be an engine for growth, with domestic China to become the world’s largest market. Disposable incomes are growing and in emerging economies the number of people taking a flight will nearly triple between now and 2036.”