Boeing forecasts consistent growth for the Asia-Pacific region, as the company sees a balanced air travel market in “mature economies in Northeast Asia and Oceania as well as rapidly growing aviation markets in China, South Asia and Southeast Asia”.
According to Boeing’s 2021 Commercial Market Outlook (CMO), air travel within Asia-Pacific markets will account for nearly half of global air traffic by 2040, as carriers in the region will require 17,645 new aircraft valued at $3.1 trillion. New deliveries will include 13,500 narrow-body aircraft and 3,800 wide-body aircraft.
“We have seen strong resilience in Asia-Pacific traffic when restrictions are lifted and passengers feel confident about travel,” said Darren Hulst, Boeing vice president of Commercial Marketing. “Carriers with efficient and versatile fleets will be positioned to meet passenger needs and air freight demand with airplanes that reduce fuel use, emissions and operating costs.”
Out of five regions within Asia-Pacific, China’s aviation market is estimated to require the most new aircraft over the next 20 years, totalling 8,700. Southeast Asia will see demand for 4,465 new aircraft, while Northeast Asia is projected to need 1,385 new jets. Oceania will be in need of 785 new aircraft. Boeing did not highlight the forecast for South Asia, saying it will be announced in “the coming months”.
The manufacturer expects that the region’s cargo fleet will more than triple to 1,160 airplanes in order to meet e-commerce demand.
Boeing stated: “The Asia-Pacific cargo fleet is expected to roughly equal North America’s cargo fleet by 2040.”
Boeing’s 2021 Pilot and Technician Outlook (PTO) forecasts that the Asia-Pacific commercial aviation industry will be in need of more than 820,000 new aviation staff by 2040, including more than 230,000 pilots, nearly 250,000 technicians, and 340,000 cabin crew members.