PARIS -- The Asia-Pacific region will be the world's largest aircraft market by 2032, Airbus said in a report released Thursday.
The European aircraft maker said airlines in the region will likely require a total of 10,940 new planes over the two decades through 2032. The company said that translates into about $1.8 trillion worth of demand.
The company said by that year, the Asia-Pacific region will account for 37% of the international aircraft market by number of aircraft and 42% by value, making it the leader in both categories.
The report said the region was growing faster than any other, and that the number of airplanes in operation there will more than double to 12,130 from the current 4,960 in 20 years.
The company predicts that airlines will increasingly use large aircraft because of landing-slot restrictions at airports with heavy traffic.
Airbus said global aircraft demand will total 29,200 planes, or $4.4 trillion, over the next 20 years.