Investing.com -- Airbus released its 2026-2045 Global Market Forecast on Tuesday, projecting that passenger air traffic will more than double over the next 20 years to reach approximately 10 billion passengers annually by 2045.

The forecast anticipates annual passenger traffic growth of 3.9%, driven by global GDP growth of 2.6%, rising urban populations of 1.3 billion people, and expanding middle classes. The middle class demographic most likely to fly is expected to increase by 1.4 billion people, representing a 34% rise.

Airbus predicts demand for 42,060 new aircraft over the next two decades. This total comprises 19,820 aircraft needed to replace older models and 22,240 for growth. Single aisle aircraft will account for 81% of this demand, while widebody aircraft will represent 19%.

The company currently holds a record order book of approximately 9,000 aircraft. More than 70% of the A320 Family backlog consists of orders for the largest A321neo and XLR models.

The forecast identifies a shift in urbanization patterns toward smaller cities, which are expected to grow at nearly triple the rate of larger urban centers. This trend is creating new economically viable city pairings, such as Riga-Tenerife and Melbourne-Alice Springs, which can be served by aircraft like the A220.

Traffic patterns are evolving due to growth in developing economies including India, Vietnam, Indonesia and Malaysia. The forecast notes increased international migration and family-related passenger travel as factors influencing demand.

By 2045, Airbus projects that nearly 100% of the global fleet will consist of newest generation aircraft, up from approximately 39% in 2026.