Boeing expects Asia to overtake North America and Europe as largest air market

Boeing predicted Asia Pacific will overtake North America and Europe as the world's largest air transport market over the next 20 years (Associated Press/Reuters, 08-Mar-2011). "As we look to the future, we look to Asia. Growth in this market will clearly change the landscape of aviation," said Randy Tinseth, VP marketing for Boeing Commercial Airplanes. Boeing forecast that Asia will require 10,320 new aircraft over the next 20 years, or around a third of the world total. Air traffic growth is forecast at 6.8% p/a, higher than the global average of 5.3%. CAAC expects Chinese airlines to order more than 2000 aircraft over the next five years, including 1100 new transport aircraft and 1000 general aviation aircraft. CAAC vice minister Wang Changshun stated he expects the sector to "maintain a definite growth speed" over the next five years.