Great news for Boeing? Number of passenger airplanes expected to double in 20 years

NEW YORK (AP) — Demand for new airplanes around the world will continue to soar as millions of people in developing nations take to the skies for the first time.

In the next 20 years, global airlines will need 38,050 new airplanes, jet manufacturer Boeing said Thursday. That's up 3.5 percent from last year's projection.

These new planes will help to double the number of aircraft worldwide from 21,600 to 43,560 in 2034. Fifty-eight percent of the 38,050 airplanes delivered over that time will be to accommodate growth. Boeing estimates that the number of passengers will grow by 4.9 percent each year. The rest of the new planes will replace existing aircraft.

Nearly two out of every five new planes will head to Asia.