(Yicai) Dec. 20 -- China will surpass North America and Europe to rank as the world's largest market for aviation services by 2043, according to European plane maker Airbus.

The aviation services market in China will nearly triple to USD61 billion by 2043 from this year, Airbus said in a 2024 Global Market Forecast report released yesterday. The huge potential growth of the country's fleet is a major force driving its likely market development, it added.

China is expected to have 11,160 planes in service by 2043, with 9,520 being newly delivered passenger and cargo aircraft used to replace 26 percent of existing jets, Airbus noted, adding that the country will account for over 20 percent of global demand in the period.

Maintenance and repair services make up around 83 percent of China's overall aviation service market, with the segment's value rising to USD51 billion by 2043 from USD19 billion this year, giving it an annual growth rate of 5.3 percent, according to Airbus.

China manufacturing has become a key part of the Airbus supply chain, noted Zhao Chen, vice president and head of customer services of the firm's country arm. Airbus China seeks localized solutions for aviation materials, and more Chinese suppliers will join the company's supply chain ecosystem, he pointed out.

Regarding the progress of producing spare parts in China, Airbus's procurement division has developed many local suppliers, including for raw materials, equipment, and finished products, said Hu Yongdong, VP for strategy, business development, and operations of Airbus China.

The local supply of raw materials includes aluminum, steel, and compound, while some systematic structures, passenger cabin parts, and seats are among the finished products, Hu noted.

China's civil aviation sector will lack 478,000 aviation experts over the next 20 years, including technicians, pilots, and cabin crew, according to Airbus. There will be more demand for professional talent training and flight operation solutions, with the relevant market expected to grow to USD4 billion in 2043 from USD2 billion this year.

Editor: Martin Kadiev