Asia-Pacific region will overtake North America and Europe as the world's largest air transport market, European aircraft maker Airbus predicted at the Singapore Airshow.

Airlines in the Asia-Pacific region will take delivery of around 9,370 new aircraft over the next 20 years, according to Airbus.

Valued at US$1.3 trillion, the deliveries will account for 34 percent of all new aircraft with more than 100 seats entering service worldwide over the forecast period.

Airbus expects the number of passengers carried by Asia-Pacific airlines to grow by 5.9 percent per year, compared with the global average of 4.8 percent. In the freight market, the amount of cargo carried by air through the region will increase by 5.6 percent annually, compared with a global increase of around 5.1 percent.

Meanwhile, airlines in the region will replace 76 percent of the 4,270 aircraft currently in service, with the overall in-service fleet comprising some 9,965 passenger aircraft and around 820 freighters over the next 20 years.

In the cargo sector, the region will continue to dominate the global market. According to the new forecast, the number of dedicated freighter operated by Asia-Pacific airlines will grow from 300 today to some 820 over the next 20 years, representing 30 percent of the global freighter fleet.

Although many of the aircraft will be converted from passenger models, Airbus predicts that around 210 new production freighters will be delivered to the region over the next two decades.

"Aviation growth will bring increased trade and significant wealth creation into the Asia-Pacific region. With a modern, eco-efficient, and comprehensive product line covering every segment of the market, Airbus will be especially well placed to meet the needs of airlines in this region," Airbus Chief Operating Officer for Customers John Leahy said.

The Asia-Pacific region is a core market for Airbus, accounting for 26 percent of all orders recorded by the company and 38 percent of the company's total backlog.