As aviation continues to become an integral part of life, it is bringing people closer together. As emerging markets continue to grow and new business models expand, airplane manufacturers are seeing greater geographical diversity in their customer base. In 1992, more than 70 percent of all traffic was carried by airlines in Europe or North America. By 2032, that proportion will shrink to 42 percent. Asia Pacific and Middle East airlines are becoming prominent in global aviation. The low-cost business model is becoming a viable option in emerging markets, offering consumers access to a wider range of destinations and the opportunity to choose the speed and convenience of flying over traditional modes of transportation. In addition, modern twin-aisle airplanes enable smaller operators in developing economies to compete on longer routes traditionally dominated by foreign carriers. Rapidly evolving aviation services in these regions are broadening the geographical balance of airplane demand, spurring a worldwide requirement for 35,280 new jet airplanes, of which 24,670 will be single aisle.
Different regions will still have varying conditions with specialized requirements. Middle Eastern airlines will still favor twin-aisle airplanes and premium passenger services to take advantage of the area's centrality and prominence in business travel. European and North American airlines respond to growing competition from low-cost carriers by replacing older, fuel inefficient airplanes with larger, more economical single-aisle models. In Asia, rising demand across the board will require a mix of single- and twin-aisle airplanes.
All regions will face similar challenges of fuel price volatility, emission control regimes, and ever-increasing airport congestion as the growing world fleet tries to keep pace with swelling international and local