The face of aviation is changing

“Civil Aerospace in the 21st Century: Business as usual. . .or a fresh start?” details four major issues affecting the civil aircraft industry. The newly released report by PricewaterhouseCoopers (PWC) notes economic activity is a primary driver of demand for air travel. The steady 3% per year growth of the world economy has helped to drive orders for new aircraft to record levels based on increasing passenger demand (up 800% since the 1970s).

Though the report focuses on passenger trends, some of those trends affect cargo capacity as well.

Asia Pacific will overtake the U.S. and Europe as the major growth market for air travel over the next 20 years, says the PWC report. By 2023, the region will account for nearly a third of worldwide passenger traffic.

Low-cost carriers and aircraft leasing companies will continue to be major buyers of new aircraft.

The regional jet has come of age, says the PWC report. By 2015, it predicts, regional carriers could be providing 50% of global seat capacity.