PHOTO: James Field.

FARNBOROUGH — Airbus has unveiled their market forecast and strategy for the Farnborough Airshow 2018, highlighting what level of demand is needed over the next 20 years.

The presentation was given by Senior Vice-President for Customer Services at Airbus Philippe Mhun, who explained the vision of Airbus for the next 20 years.

READ MORE: Boeing Forecasts Demand for 42,730 Aircraft Over 20 Years

Mhun explained that Airbus predicts a $4.6 trillion worldwide market for commercial aircraft services from 2018 to 2037.

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Their report is similar to that of Boeing, with Airbus predicting that 48,000 aircraft will be delivered and part of airline fleets by 2037 respectively.

4.1 billion passengers were transported in 2017, with passenger yields decreasing by 3% per year.

The manufacturer noted that the Aircraft Easy to Operate market is valued at around $2.2 trillion respectively.

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They predicted that over the next 20 years, 540,000 new pilots will be needed to cater for demand, valuing on a cumulative basis for $1.5 trillion.

Passenger value was another key focus for Airbus, having the market is valued at $0.9 trillion to offer passengers better connectivity in-flight and onboard for things such as cabin crew training, in-flight entertainment, upgrades, and booking etc.

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Airbus recorded revenues of $3.2 billion in 2017. Their aim in their forecast is to triple it to reach $10 billion over the next 10 years.

Airbus has delivered over 10,000 aircraft already, and with current production rates and orders, they will be set to provide the tripled revenues within the timeframe.

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To establish this, Airbus gave out four axes of development to improve the company even further. They are:

  1. Develop full lifecycle integrated services, powered by their brand of Skywise.
  2. Reinforce Airbus’ strategic position in their value chain.
  3. Expand their multi-fleet services portfolio.
  4. Extend services to wider customer bases.
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Their product, Skywise, is due to be introduced to an additional 10 customers. Skywise offers the best technical support possible when the aircraft is in need of maintenance.

All-in-all, Airbus has set out a similar forecast to that of Boeing, meaning that they are both on-side and will be wanting to fight it out for that market share they all need over the next 20 years.