SINGAPORE, 18 February 2022: Over the next 20 years, airline passenger traffic will grow an estimated 5.3% annually, and the retirement of older, less fuel-efficient aircraft will see the Asia-Pacific region requiring 17,620 new commercial aircraft, according to an Airbus report.
Nearly 30% of the new aircraft will replace older, less fuel-efficient models.
In a region home to 55% of the world’s population, China, India and emerging economies such as Vietnam and Indonesia will be the principal drivers of growth in the Asia Pacific. Gross Domestic Product will grow at 3.6% per year compared to the world average of 2.5% and double in value by 2040.
The region’s middle class, who are the likeliest to travel, will increase by 1.1 billion to 3.2 billion and the propensity for people to travel is set to almost triple by 2040.
Of the estimated demand for 17,620 aircraft, 13,660 will be in the small aircraft category, such as the A220 and A320 family of commercial jets. Asia-Pacific will continue to drive demand with some 42% of global requirements in the medium and long-range categories. This translates to 2,470 medium and 1,490 large category aircraft.
“We are seeing a global recovery in air traffic, and as travel restrictions are further eased, the Asia-Pacific region will become one of its main drivers again,” said Airbus International head and chief commercial officer Christian Scherer.
“We are confident of a strong rebound in the region’s traffic and expect it to reach 2019 levels between 2023 and 2025.”