In its latest Global Services Forecast call, Airbus disclosed its updated services outlook, where it expects its services to nearly double in value to US$255bn by 2042.
A shift in demand for services across the globe is expected by 2042. China is expected to become the largest services region at $54bn, followed by Europe, North America, and Asia-Pacific.
From a CAGR rate, China will take the lead as the region with the highest services growth at $22bn and a CAGR of 5.8%. South Asia and Asia-Pacific will follow, with a CAGR of 7.4% and 3.6% respectively.
Aircraft growth is also expected to continue apace, with 40,850 new deliveries estimated over the next 20 years. 95% of its fleet is expected to be next-generation aircraft by 2042.
Maintenance will remain the key focus for the aircraft manufacturer, accounting for 80% of its three-pillar plan, whilst the training and enhancement of services took up the remaining revenues. Airbus expects the market for ‘Maintenance’ to grow from US$108 billion to $210bn. The market to ‘Enhance’ aircraft is expected to grow from $11bn annually to $28bn, and the market for ‘Train and Operate’ from $11bn to $17bn in 2042.
As a result, it foresees a need for 2.2 million skilled people over the next 20 years, consisting of 680,000 new technicians, 590,000 new pilots and 920,000 new cabin crew.
“Airbus is well positioned to answer today’s and future services needs in order to support the industry doing more with less, increasing efficiency while reducing fuel consumption, emissions and noise,” said Cristina Aguilar Grieder, Senior Vice President of Customer Services at Airbus.
