AUSTRALIA and New Zealand are emerging as the world's fastest growing aviation markets, according to aerospace giants Airbus and Boeing, reports the Melbourne Herald Sun.

The two countries will be the No 1 market for passenger jets and air cargo aircraft over the next 20 years, said the two companies with Airbus saying the demand for new aircraft will exceed any of the world's other developed markets and Boeing declaring the Asia Pacific region was likely to be the world's leading aircraft market over the next two decades.

Qantas, Virgin Blue and Air New Zealand will require 631 new aircraft, worth an estimated US$87 billion, between now and 2028, Airbus says in its latest global forecast.

By 2028, more than 40 per cent of the world's airline traffic will begin, end or take place within the Asia-Pacific, Boeing said. The Airbus forecast said aircraft sales across the region were likely to outstrip those in US and Europe.

The growing demand, said Airbus, had much to do with the need to replace older aircraft with new and more fuel efficient models, as well a growth from emerging economies, new airline networks, and budget carrier expansion.

Airbus predicts that the region will require 399 single aisle jetliners, 172 twin aisle aircraft as well as long range jets and up to 60 very large aircraft such as the A380 super jumbo. As a result, the regional aircraft fleet will more than double, from 338 passenger aircraft today to 698 by 2028, said Airbus.

Source?Shipping Online