Airbus on Wednesday raised its own forecast for jet demand over the next 20 years, citing long-term growth in Asia combined with airlines expected to replace older planes at a faster rate, Reuters reports.

Airbus now expects the global fleet of passenger and freighter aircraft to more than double by 2038, reaching 47,680 aircraft.

Of the new jets delivered, Airbus believes 36 percent will be replacements for older aircraft, while the remainder will meet growing demand. Traffic is expected to roughly double over the next 15 years.

Source: Direct News Agency