Strong growth despite uncertainty
Europe's aviation market remained strong in 2014 despite significant economic uncertainties. Europe's GDP grew by 1.4 percent in 2014 and is forecast to grow by 1.8 percent annually through 2034. The Association of European Airlines reports that member airlines carried 4.1 percent more passenger traffic in 2014 than in 2013. Members of the European Low Fares Airline Association reported a 9.4 percent increase in passengers over 2013. European airlines acquired more than 180 new airplanes in 2014, of which 70 percent were single aisle.
The European aviation market is expected to grow over the next 20 years, with airlines forecast to acquire more than 7,300 new airplanes valued at over $1 trillion. Single-aisle airplanes will comprise the majority of deliveries, representing a 79 percent share of total deliveries. While European aviation growth is slower than aviation growth in emerging economies, the region's large installed base of more than 4,400 airplanes supports substantial demand for replacement airplanes. Replacement demand will account for 57 percent of Europe's total new airplane market