Airbus to stop A380 superjumbo production in 2021 as orders fall

European aviation giant Airbus says it will scrap the production of their superjumbo A380 in 2021 after finding it difficult to sell the world's biggest passenger jet. 

Airbus said in a statement Thursday that Emirates, the sole saving grace of the Aircraft has decided to axe its orders for the plane and as a result "we have no substantial A380 backlog and hence no basis to sustain production."

Emirates is by the largest customer for the 544-seat aircraft and analysts said that the production of the Aircraft will be unsustainable beyond 2020 without the new Emirates order.

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The largest passenger Aircraft had a poor performance in the market with only two new orders received in 2015 and none in either 2016 or 2017.

The decision is a boon for rival Boeing and a blow for Airbus, as Airbus had hoped the A380 would squeeze out Boeing's 747 and revolutionize air travel as more people take to the skies.

Instead, airlines have been cautious about committing to the costly plane, so huge that airports had to build new runways and modify terminals to accommodate it. They also prefer to buying a medium-sized twin-engine Airplanes, such as A320neo, Boeing 787 Dreamliner and the A350.

Although the jet that was launched in 2005 has been widely praised by passengers for offering a comfortable flight, it has been called a "vanity project" by commentators. 

The double-decker planes started flying in 2008 and has room for more than 500 passengers and was produced to curb the rising air traffic and a solution to overcrowding within the flight by offering more seats than any other Aircraft.

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(With digital desk inputs)