Latin America: Study indicates growing middle class will require substantial increase in number of aircraft

AIRCARGOWORLD.COM reported that Latin American airlines will require 2,307 new aircraft between 2013 and 2032, according to Airbus’ latest Global Market Forecast.

This includes 1,794 single-aisle, 475 twin-aisle and 38 very large aircraft worth an estimated US$292 billion (216.7 billion euros). Globally, by 2032 some 29,230 new freighter and passenger aircraft will be required to satisfy future robust market demand.

With GDP growing above the world average, socioeconomic indicators forecast that Latin America’s middle class will grow to represent more than half of the population by 2032. Between 2012 and 2020, Latin America’s economy is expected to outperform the world average, largely thanks to Mexico and Brazil’s consumer spending.

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As a result, traffic growth in Latin America in the next 20 years is expected to outperform the world average of 4.7 percent with an annual growth rate of 5.2 percent.

A growing middle class and increased consumer spending have led to air transport becoming more accessible throughout Latin America in the past 10 years, increasing 14 percent in terms of total number of cities served. Still, while almost 100 percent of the 20 largest cities in North America and Europe connect passengers with at least one flight per day, only 40 percent of Latin America’s top 20 cities do the same.
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