The company has estimated that European airlines will need more than 7,500 new aircraft by 2035, which would likely total a cost of $1.1 trillion, the Telegraph reports.

Last year European airlines acquired more than 240 new planes, 67% of which were single aisle or narrow-body planes.

By 2035, Boeing believes almost 80% of new aircraft entering the European market will be smaller carriers.

The aircraft maker said that the number of narrow-body planes subsequently carrying European passengers would rise from just over 3,300 in 2015 to almost 6,000 by 2035.

The industry is also facing a “replacement cycle” from the end of this decade, as a number of aircraft reach the end of their 25 year lifespans.

Boeing said by 2035, aircraft replacement would account for 43% of European aircraft purchases.

The company has now reportedly revised its annual figures higher after its previous forecasts underestimated the growth of low-cost carriers.