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Airbus raises demand forecast amid booming Asian market Airbus raises demand forecast amid booming Asian market
(35 minutes later)
Airbus raised its long-term jet demand forecast on Tuesday, saying the world would need to double its fleet as cities expand and Asia's increasingly affluent middle class takes to the skies. Airbus has raised its long-term jet demand forecast, saying the world would need to double its fleet as cities expand and Asia's increasingly affluent middle class takes to the skies.
The European plane manufacturer said airlines, lessors and cargo operators would need a total of 29,226 new passenger and freighter jets worth $4.4tn (£2.5tn) over the next 20 years.The European plane manufacturer said airlines, lessors and cargo operators would need a total of 29,226 new passenger and freighter jets worth $4.4tn (£2.5tn) over the next 20 years.
Its latest forecast includes 28,355 passenger jets, up 3.7% from its previous estimate a year ago, and 871 freighters, up 1.6%.Its latest forecast includes 28,355 passenger jets, up 3.7% from its previous estimate a year ago, and 871 freighters, up 1.6%.
The world's second largest planemaker behind rival Boeing insisted urban population growth would help drive demand for its flagship A380 superjumbo, but acknowledged that recently weak sales had left a "couple" of open slots in 2015 production.The world's second largest planemaker behind rival Boeing insisted urban population growth would help drive demand for its flagship A380 superjumbo, but acknowledged that recently weak sales had left a "couple" of open slots in 2015 production.
Sales chief John Leahy said he would announce new plane orders on Wednesday in China, the world's fastest-growing aviation market, which is set to leapfrog the US. Sales chief John Leahy said he would announce new plane orders on Wednesday in China, the world's fastest growing aviation market, which is set to leapfrog the US.
"In 20 years the number one market will not be the US, the number one market is internally within China," Leahy told a news conference. "In 20 years the No1 market will not be the US, the No1 market is internally within China," Leahy told a news conference.
One in four people from China travelled by plane last year; that number will rise to virtually the whole active population in the next two decades, he added.One in four people from China travelled by plane last year; that number will rise to virtually the whole active population in the next two decades, he added.
Asia's economic performance, and the projected emergence of three billion new middle-class consumers globally with some disposable income, are the main ingredients of higher demand forecasts from both Airbus and rival Boeing in recent months. Asia's economic performance and the projected global emergence of 3 billion new middle-class consumers with some disposable income are the main ingredients of higher demand forecasts from both Airbus and rival Boeing in recent months.
In June, Boeing revised up its own 20-year market demand forecast by 3.8% as the industry looks beyond the financial crisis. Both manufacturers anticipate a surge in Asian travel that is expected to keep production at their factories rising.In June, Boeing revised up its own 20-year market demand forecast by 3.8% as the industry looks beyond the financial crisis. Both manufacturers anticipate a surge in Asian travel that is expected to keep production at their factories rising.
"The fact is when people get money they want to fly," Leahy said."The fact is when people get money they want to fly," Leahy said.
But worries over the short-term picture for emerging markets prompted the International Air Transport Association, which represents 240 airlines, to shave its forecast for 2013 airline profits on Tuesday. But worries over the short-term picture for emerging markets prompted the International Air Transport Association, which represents 240 airlines, to shave its forecast for 2013 airline profits.
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