Region Will Account For 35 percent Of World Value In New
Boeing forecasts 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 approximately $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 percent of the world's
airline traffic will begin, end or take place within the Asia
Pacific region," said 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."
Tinseth said between now and 2028, Asia Pacific air travel will
grow from 32 percent of the world market to 41 percent.
The Asia Pacific region covers a broad area including Japan,
Korea, China, Australia and India and currently accounts for more
than 8,300 flights and 1.2 million travelers daily. In less than 10
years, it will be the largest air travel market in the world,
according to the Boeing outlook released today in Hong Kong. Travel
in the region is expected to grow at an average annual rate of 6.5
percent over the next 20 years.
Boeing JAL 747 Cargo Jet
"This is clearly a difficult time in the aviation market, and
today's challenges are reflected in the Boeing forecast, but we do
expect the growing Asia markets to lead the industry into
recovery," said Tinseth.
Strong domestic growth in China, India and other emerging Asian
nations will contribute to high demand for single-aisle airplanes.
Over the 20-year forecast period, more than half of the deliveries,
some 5,600, will be single-aisles. With just 330 deliveries, the
percentage of the fleet's large category will decrease from 10 to 4
percent as airlines switch to more efficient mid-size twins and
even larger single-aisle jets. Airlines in the Asia Pacific region
will take delivery of 2,590 twin-aisle airplanes. Regional jet
deliveries will total 440.
The Asia Pacific fleet will nearly triple from 3,910 to a total
of 11,170 airplanes. More than 80 percent 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
Boeing's projection also shows the Asia Pacific region as a
growth leader in the long-term global air cargo market, with routes
within China, within Asia and those connecting Asia to other
regions outpacing the global average growth annual rate of 5.4
percent over the next 20 years.
"Despite an unprecedented contraction during 2008 and 2009, we
remain confident in the strength of the global air cargo market
over the long haul," said Jim Edgar, regional director, Cargo
Marketing, Boeing Commercial Airplanes. "The air cargo industry is
supported by sound fundamentals -- the imperative for speed,
consumer product innovation and global industrial interdependence
are key drivers -- as well as global GDP projections of about 3
percent annual growth."
Asian carriers will add about 750 freighters to the region's
fleet to accommodate growth and airplane retirements, about 27
percent of the world requirement - second only to the more mature,
but slower growing, North America market.