Airbus: Aviation Services Market to Grow 3.8% Annually, Reaching $420 Billion by 2045

According to Airbus's forecast, the global aviation services market will grow by an average of 3.8% annually over the next 20 years.

This will create jobs for 660,000 pilots, 1.05 million cabin crew, and 730,000 mechanics — a total of 2.44 million specialists, the European aerospace corporation's report notes.

Airbus estimates that the total aviation services market will reach $420 billion by 2045, double the current year's figure.

In particular, demand for aircraft maintenance or repair with off-site workshop visits will amount to $217 billion by 2045 (average annual growth of 3.7%), while the cost of on-board inspections and other scheduled maintenance will increase to $36 billion (+2.8%).

The fastest-growing segment of the market is digital technologies and communications. Over two decades, its volume is expected to triple to $27 billion, with an average annual growth rate of 5.3%.

Airbus also expects the global fleet to double and exceed 45,550 aircraft by 2045.

Earlier, the American Boeing forecast that the average annual growth rate of the aviation services market over the next 20 years would be 3.7%.