In long-haul markets, 12 new routes have opened in the past three years, and passenger traffic is estimated to grow 5.3 percent in the next 20 years. This growth, along with replacement demand for more than half of the widebody fleet, will drive the need for 210 new widebody airplanes, valued at $60 billion.
EUROPE
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