Passenger plane market to double within 20 years: Airbus

Airbus said that it expects the market for large passenger planes to more than double in the next 20 years driven by growth from Asian markets. Raising its previous forecasts for the next two decades, the European aircraft maker also said a slowdown in orders over the past several months did not signal a drop in the market.

"The trend is positive," said Airbus chief executive Fabrice Bregier.

Airbus last week had warned it expects slow orders this year and perhaps next year, too, but said it was a normal part of the business cycle.

The planemaker predicts the need for 35,000 new planes worth $5.3 trillion over the next two decades, an increase from last year's estimates.

"Air travel is remarkably resilient to external shocks and doubles every 15 years," said its chief operating officer for customer relations, John Leahy.

"Asia Pacific continues to be an engine for growth, with domestic China to become the world's largest market."