American aircraft manufacturer Boeing has estimated that the Asia-Pacific region’s airline market will be valued at $1.9 trillion over the next 20 years as strong economic and passenger growth drive the demand for new airplanes.
According to Boeing, Asia-Pacific will need an additional 12,820 planes, representing 36 percent of the world’s new airplane deliveries over the next two decades.
“Asia Pacific economies and passenger traffic continue to exhibit strong growth,” said Randy Tinseth, vice president, Marketing, Boeing Commercial Airplanes in a media release.
“Over the next 20 years, nearly half of the world’s air traffic growth will be driven by travel to, from or within the region. The Asia Pacific fleet will nearly triple, from 5,090 airplanes in 2012 to 14,750 airplanes in 2032, to support the increased demand.”
Tinseth said new low-cost carriers and demand for intra-Asia travel have fueled the substantial increase in single-aisle airplanes.
“Fuel-efficient airplanes like the Next-Generation 737 and 737 MAX help the growing number of low-cost carriers operate more efficiently and provide affordable fares to the emerging middle class.”
Boeing has already received new orders for aircraft from major airlines. Singapore Airlines already ordered 30 787-10s helping launch the program at the 2013 Paris Air Show and Cathay Pacific recently ordered 21 777-9X airplanes.