Airbus SE will expand its lead in narrow-body jet manufacturing, the biggest segment of the commercial aircraft market, over the next two decades while US rival Boeing Co. maintains its dominance in widebody sales, according to a new forecast.

The global fleet will almost double to 46,880 passenger aircraft by 2042, jet lessor Avolon Holdings Ltd. said Tuesday in its World Fleet Forecast. Narrowbodies, the biggest segment of the commercial jetliner market, will pace the market with a 3.8% annual growth rate. 

Airbus makes the top-selling A320neo family of single-aisle jets, which compete with Boeing’s 737 Max. The Toulouse, France-based planemaker is forecast to increase its share of the in-service narrow-body fleet to 58% over the two-decade span, from a current 53%, Avolon said. 

Boeing, maker of the 777 and 787 Dreamliner widebodies, will hold onto its current 59% share of twin-aisle jets in service through 2042, the report said. 

Dublin-based Avolon is one of the world’s largest jet-leasing firms. It said the post-pandemic rebound in travel is fueling demand and driving up aircraft valuations as plane manufacturers scramble to ramp up production. New aircraft deliveries through to 2042 will require $4 trillion in capital, the report said.