China expected to be the largest commercial aircraft market by 2042

European aircraft manufacturer Airbus said China is expected to become the largest commercial aircraft services market globally by 2042, exceeding North America and Europe, with value reaching $54 billion, tripling the current value, it said on Tuesday.

This year, China's air travel market has seen a strong recovery and the estimated value of services is expected to reach $18.6 billion, up 86 percent year-on-year, supporting the operation of more than 4,100 aircraft, Airbus said in its latest forecast.

China's air travel market has been on a steady track of recovery since the country optimized its COVID-19 response measures late last year. In 2023, the country is expected to handle about 600 million air passenger trips, up 138 percent year-on-year, Airbus projected.

"China will progressively take over the more mature markets of Europe and North America and become the largest market for services by 2042," said Hu Yongdong, vice president of strategy, development and operations of customer services at Airbus China.

Over the next two decades, China will need a cumulative workforce of some 561,000 in the aviation industry, including 186,000 technicians, 139,000 pilots and 236,000 cabin crewmembers to support the growth of the industry, the report said.

Besides, the forecast sees 2,320 aircraft will retire between now and 2042 in China, as a result of continuous fleet modernization. This will create growing market opportunities to reuse, repair and recycle older aircraft and contribute to a circular economy, Airbus said.

Meanwhile, the International Air Transport Association said earlier this month that the ongoing recovery in passenger demand continued in October.

"October's strong result brings the industry ever closer to completing the post-pandemic traffic recovery. Domestic markets remain above pre-COVID levels. International demand is recovering, but more slowly," said Willie Walsh, IATA's director general.