Airbus has revised upwards a 20-year projection for the civil aviation market to $3.2 trillion by 2029, driven by activity in Asia.

Airlines are expected to have taken delivery of nearly 26,000 new cargo and passenger aircraft with more than 100 seats in that period.

This compares with last year’s forecast from the European aircraft manufacturer which suggested Airbus deliveries would reach 25,000 aircraft worth $3.1 trillion between 2009 and 2028.

Demand would be driven by the need for more fuel-efficient aircraft as well as by growth in emerging markets, notably in Asia, according to the company.

Airbus commercial director John Leahy said that China and India both have expanding middle classes.

US rival Boeing has forecast deliveries of 30,900 planes worth $3.590 trillion by 2029.