Brazilian planemaker Embraer forecast global demand for 8,500 new commercial jets with fewer than 150 seats over the next 20 years, representing a market valued at about $650 billion, according to its 2026 Market Outlook released on Saturday ahead of next week's Farnborough Air Show.

The company said global passenger traffic, measured in revenue passenger kilometers (RPK), is expected to grow at an average annual rate of 3.7% through 2045, with China leading regional growth at 5.2% a year, followed by the Middle East at 4.6% and Africa at 4.4%.

North America is forecast to account for the largest share of aircraft deliveries over the period, with 2,670 jets, or 31% of the total, followed by Europe and the Commonwealth of Independent States with 1,870 aircraft, or 22%, and China with 1,470 aircraft, or 17%, stated the Brazilian planemaker in its Market Outlook.

A global aerospace company headquartered in São Paulo, Embraer has businesses in commercial and executive aviation, defence and security as well as agricultural aviation. 

The company is a specialist in the design, development, manufacture and marketing of aircraft and systems, as well as providing services and support to customers after-sales.

Asia Pacific is expected to take delivery of 1,050 aircraft, while Latin America, Africa and the Middle East are projected to receive 740, 370 and 330 jets, respectively.

Embraer Commercial Aviation CEO Arjan Meijer said shifting global trade patterns, expanding regional manufacturing hubs and changing travel preferences were likely to support demand for more frequent air links between smaller cities using sub-150-seat aircraft.

The report also includes an outlook for the standard-body cargo aircraft segment weighing less than 40 tonnes.-TradeArabia News Service