The world will need to more than double the number of passenger and freighter aircraft by 2041 to meet demand, according to the latest outlook from Airbus. The giant European aerospace company says that nearly 47,000 aircraft will be in service by 2041, up about 105 percent from the 22,880 aircraft that were in service at the beginning of 2020.

Only a small percentage of these older jets and planes will remain in the air 20 years from now, Airbus predicts, meaning a vast majority of them will need to be replaced to comply with stricter emissions standards. Today, only around 20 percent of the total global fleet is represented by next-generation fuel-efficient aircraft; by 2041, this figure will be above 95 percent, Airbus says.

The lion’s share of the growth is projected to occur in the fast-growing Asia Pacific region, followed by North America, Europe and the Commonwealth of Independent States (CIS), which includes former Soviet states.

Compared to passenger