Aircraft manufacturer Boeing is expecting airlines in South-east Asia to need 4,500 new airplanes over the next 20 years, valued at US$710 billion at list prices, with single-aisle airplanes continuing to be the main driver of capacity growth in the region.
This growth will help to stimulate the demand for commercial aviation services, which are forecasted to be worth US$785 billion between 2019 and 2038.
“Three countries from South-east Asia – Vietnam, Thailand and Indonesia – made the top 10 list of countries that added the most airline seat capacity since 2010. Vietnam has experienced the strongest growth out of the three at nearly 15 per cent per year, followed by Thailand and Indonesia at approximately 10 per cent, respectively,” said Randy Tinseth, vice president of commercial marketing at Boeing.
“With an expanding middle-class, in a market that continues to liberalise, coupled with a strong domestic, regional and international tourism sector, South-east Asia has become one of the world’s largest aviation markets,” he said in a statement.
While single-aisle airplanes dominate the forecast, Boeing believes this region will also require a significant number of widebody airplanes, in terms of value and the number of units.
The demand is driven by airlines adapting to the evolving business environment and new longhaul expansion opportunities.
Widebody airplanes will make up 19 per cent of new airplane deliveries, enabling carriers in the region to serve new international long-range city pairs.
Along with the strong demand for aircraft, Boeing has predicted the region will need 182,000 commercial pilots, cabin crew, and aviation technicians to fly and to maintain the fleet across South-east Asia. This demand is projected based on a mix of new airplane deliveries, annual aircraft utilisation rates, crewing requirements by region, and regulatory requirements.
Worldwide, Boeing projects the need for 44,040 new commercial airplanes valued at US$6.8 trillion, and demand for aftermarket services totalling US$9.1 trillion over the next 20 years.