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AIRSHOW-Airbus raises 20-year demand forecast for new planes

Reuters - UK Focus

FARNBOROUGH, England, July 11 (Reuters) - The world's airlines will need 33,070 new aircraft costing around $5.2 trillion over the next 20 years, European planemaker Airbus forecast on Monday, revising up its previous estimate by 500 planes.

The company said on the opening day of the Farnborough Airshow that it expected passenger traffic to grow by an average 4.5 percent a year over the period, driven by rising wealth in emerging markets such as China and India.

"Middle classes in emerging markets will double to 3.5 billion people by 2035," it said in a statement.

Earlier, U.S (Other OTC: UBGXF - news) . rival Boeing (NYSE: BA - news) also increased its 20-year forecast for plane demand. (Reporting by Tim Hepher; Editing by Mark Potter)