In another forecast relating to the civil aviation sector, Boeing says that the Asia Pacific region will rank as the world’s largest aviation market over the next 20 years, requiring 8,960 new commercial jets valued at about $1.1 trillion. Asia Pacific is the largest market in the forecast for new airplanes in terms of both units required and market value.
“Twenty years from now more than 40 per cent of the world’s airline traffic will begin, end or take place within the Asia Pacific region,” says Boeing Commercial Airplanes Vice President -- Marketing, Randy Tinseth. “That’s a big leap for a region that was not even mentioned in our earliest Boeing market forecasts back in the 1950s,” Mr. Tinseth said between now and 2028, Asia Pacific air travel would grow from 32 per cent of the world market to 41 per cent.
The Asia Pacific region covers a broad area including Japan, Korea, China, Australia and India and now accounts for more than 8,300 flights and 1.2 million travellers daily. In less than ten years, it will be the largest air travel market in the world, according to the Boeing outlook. Travel in the region is expected to grow at an average annual rate of 6.5 per cent over the next 20 years. Strong domestic growth in China, India and other emerging Asian nations will contribute to high demand for single-aisle airplanes.
The Asia Pacific fleet will nearly triple from 3,910 to a total of 11,170 airplanes. More than 80 per cent of this demand will be for growth. Delivery of new, more fuel-efficient airplanes ensures the region’s fleets will remain among the youngest in the world.