Boeing predicts rising demand for planes in Asia-Pacific regionUpdated: 2014-02-11 PM 3:58:03 (KST)
With billions of dollars in deals expected to be concluded before it's all over on Sunday, the Singapore Airshow is sure to test the appetites of one of aviation's fastest growing regions.
On the eve of the region's premiere aerospace event, Boeing reiterated its 20-year forecast for global airplane demand at 4.8 trillion U.S. dollars and predicted that the fleet of aircraft in the Asia-Pacific would nearly triple over the next two decades.
"As we look at the next 20 years the Asia Pacific market will be the largest marketplace in the world. We expect passenger traffic to grow about 6.3 percent per year, cargo traffic at 5.8 percent. And as a result of this growth, we see a total demand of close to 13-thousand airplanes here in the Asia-Pacific region."
Boeing projects that passenger airlines in the Asia-Pacific region will rely primarily on single-aisle airplanes such as its next generation 737, largely thanks to the success of low-cost carriers.
Boeing said single-aisle airplanes will represent 69 percent of the new planes in the region.
The growth in single-aisle planes will also be fueled by rising demand from China, meaning that Boeing will likely face competition from local companies like Commercial Aircraft Corporation of China in the future.
"It's also a market, where we see the biggest demand for single-aisle airplanes like the 737 and I think it's not by accident that COMAC is focusing on the single-aisle market to bring their new planes to the market."
To meet the growing demand, Boeing says it is planning to do a better job of delivering planes to its clients on time.
Currently, the company has a schedule reliability of about 98 percent.
Ji Myung-kil, Arirang News.
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