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Airbus raises 20-year new aircraft demand outlook

Airbus SE expects the world's passenger fleet to more than double from current levels over the next two decades on the back of rising demand.

Global fleet is projected to reach 47,680 jets by 2038, compared to nearly 48,000 units in service previously expected by 2037 and 22,680 planes in service currently.

The European planemaker expects new deliveries of 39,210 over the next 20 years, up from a prior forecast of 37,390 deliveries by 2037. Asia-Pacific is projected to account for 42% of deliveries, while North American and European airlines are seen to be taking 36% of the passenger and freight aircraft deliveries.

Airbus' projections come after rival Boeing Co. outlined its 20-year aircraft demand forecast, penciling in a 5.2% rise in demand from Chinese airlines. That growth rate is below the 6.2% growth rate projected in September 2018 covering the period to 2037.

Airbus flagged concerns about increased protectionism and other geopolitical risks such as Brexit, as well as signs of weakness in the air freight market in the first half.

Last week, the World Trade Organization reportedly ruled in favor of the U.S. in a long-running dispute concerning aircraft subsidies, a move that could give the green light to Washington to impose steep tariffs on EU goods, including aerospace products.