France-based aircraft manufacturer Airbus expects the world’s passenger fleet to more than double by 2030, adding $3.5 trillion worth of planes in the next two decades in order to keep up with the demands of an increasingly wealth population in the developing world.
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In a report released Monday, Airbus forecast that the world will need 27,800 new planes by 2030. Of those, roughly a third would replace old planes while the other two thirds would increase the size of existing fleets. Airbus, a subsidiary of the European Aeronautic Defence and Space Company N.V., expects the passenger fleet to more than double to 31,500 aircraft. Airbus says growth will be buoyed by higher demand in Asia, particularly for domestic flights within India and China.