In the years to 2031, global airlines will need 34,000 new planes worth around £2900 billion, it added.

European airlines will need 7760 new aircraft, Boeing predicted at a conference in London. The biggest demand will come from the Asia-Pacific region, with airlines there likely to take delivery of more than 12,000 planes over the next two decades.

Boeing Commercial Airplanes marketing vice-president Randy Tinseth said there will be a need for 790 large aircraft capable of carrying more than 400 passengers over the next 20 years.