Latin American air travel is expected to double in the next two decades thanks to expected growth of the region’s middle class from 350 million people to 520 million by 2037, and evolving airline business models making travel more accessible.

That’s according to the latest Airbus Global Market Forecast. It found that Latin America and the Caribbean region will need 2,720 new passenger and freighter aircraft to meet this rising demand.

Valued at $349bn, this forecast accounts for 2,420 small and 300 medium, large and extra-large aircraft. This implies that the region’s in-service fleet will almost double from the 1,420 aircraft in-service today to 3,200 in the next two decades.

Of these aircraft, 940 will be for replacement of older-generation aircraft, 1,780 will be accounted for growth, and 480 are expected to remain in service.

“With two of the world’s top 13 traffic flows expected to involve Latin America, and traffic expected to double, we are very optimistic that the region will continue to be resilient,” said Arturo Barreira, president of Airbus Latin America and Caribbean, at the ALTA Airline Leaders Forum.

Airbus said that less than half of the region’s top 20 cities are connected by one daily flight, creating a great potential for the region’s airlines to build intra-regional traffic.