European aircraft maker Airbus SAS said in a report Wednesday that it expects Japanese airlines to acquire 518 new jetliners in the next 20 years through 2028 to replace aging aircraft and meet increased demand.

The report projected Japan will operate 548 passenger planes in 2028, up 26 percent from 436 planes in 2008.

Japanese air carriers have seen their profits erased by a decline in demand due to the global economic downturn, sending industry leader Japan Airlines Corp. to seek government aid.

But Airbus said it expects demand for aircraft to expand over the mid- to long-term on the back of increased demand in travel among middle-aged and senior travelers in a ballooning aging society and a boost in overseas visitors to Japan.