Asia-Pacific expected to spend USD770 billion on new planes in 20 years - Boeing
WASHINGTON (XFNews) - The Asia-Pacific region is expected to seek delivery of 7,200 new airplanes worth 770 bln usd over the next 20 years, US aviation giant Boeing forecast.
Over the forecast period, Asia-Pacific will remain the largest market outside North America for new commercial airplanes, said Boeing, which is competing head on with Airbus for the lucrative regional market.
Of the nearly 7,200 new airplanes needed for future growth and replacement in the region, single-aisle aircraft will be the largest category with new deliveries at 3,690 airplanes, Boeing said in a statement.
Intermediate twin-aisles will comprise about 2,430 airplane deliveries while regional jets will total 540 units and 747-and-larger size airplanes at 510 units, it said.
"Passengers are the foundation of air travel, and in a competitive market the airlines will continue meeting passenger's demands for more direct nonstop flights to destinations around the world with longer-range, efficient and comfortable airplanes," said Boeing Commercial Airplanes Director Randy Tinseth, according to Agence France-Presse.
"This requirement will be met by airplanes in the 200-to-400 seat capacity category, with only a few very large ones being needed," he said.
Boeing also said that with the continued high rate of growth for Asia-Pacific air travel and air cargo markets, the region's fleet will nearly triple to about 8,600 airplanes in 20 years.
Boeing also said that Asia-Pacific air travel growth would outpace the world average of 4.8 pct during the forecast period.
Air travel for Asia-Pacific's carriers will "expand significantly," led by the Chinese domestic market's projected average growth of almost nine pct, it added.
"This incredible growth will nearly triple the Asia-Pacific airplane fleet over the next 20 years," Boeing said, forecasting air travel within Asia-Pacific to grow six pct per year.
Air travel for all markets to, from, and within China is forecast to expand 7.8 pct for the region's carriers.
Worldwide, Boeing projects that operators will invest 2.1 trln usd for about 25,700 new commercial airplanes during the next 20 years.
Airbus and Boeing, the two global giants of civil aircraft manufacturing, are heading for a record 2005 as airlines use a pick-up in demand from travellers to renew and expand their existing fleets.