Southeast Asian airlines will require 4,210 new aircraft, valued at $650 billion, over the next 20 years, Boeing forecasts in its report, Southeast Asia Current Market Outlook.
Traffic will increase 6.2 percent, according to the report, while the average growth for the rest of the world will be 1.5 percent.
Asia represents 10 percent of aircraft demand.
“Driven by fierce competition and growing passenger demand, airlines in Southeast Asia need the most capable, flexible, economical and passenger preferred airplanes available,” Dinesh Keskar, senior vice president of Asia Pacific and India Sales for Boeing Commercial Airplanes, said. “With their new technologies, superior capabilities and advanced efficiencies, the continued orders for the 737 MAX, including the new 737 MAX 10, as well as the 787 Dreamliner, demonstrate the value Boeing’s airplanes are providing to airlines in (the) region.”
Single-aisle jets, like the 737 MAX, will be more than 70 percent of new deliveries.
In Southeast Asia, the main driver of traffic growth has been low-cost business models. Boeing forecasts this to continue with low-cost models accounting for more than 50 percent of the total market.
Globally, Boeing forecasts demand will be 41,030 new aircraft, 43 percent will be replacements and 57 percent will be because of airline expansion.