Boeing estimates that air travel within Asia Pacific markets will account for nearly half of global air traffic by 2040, driving 20-year demand for 17,645 new airplanes valued at US$3.1 trillion.

To support its commercial aviation industry, it said Asia-Pacific countries also will require aftermarket services valued at US$3.7 trillion as provided in its 2021 Commercial Market Outlook (CMO), the company’s long-term forecast of demand for commercial airplanes and services.

"The Asia Pacific region has diverse air travel markets, including mature economies in Northeast Asia and Oceania as well as rapidly growing aviation markets in China, South Asia and Southeast Asia," Boeing said.

It added that with the travel recovery enabled by rising COVID-19 vaccination, Asia Pacific carriers are well-positioned to capitalize on recovering business and leisure travel as well as air cargo transportation.

"We have seen strong resilience in Asia Pacific traffic when restrictions are lifted and passengers feel confident about travel," said Darren Hulst, Boeing vice president of Commercial Marketing. "Carriers with efficient and versatile fleets will be positioned to meet passenger needs and air freight demand with airplanes that reduce fuel use, emissions and operating costs."

Boeing’s CMO analysis addresses 20-year demand for the five regions within Asia Pacific which noted that Southeast Asian countries seeing rapid economic growth will also see fleet growth and passenger traffic well above global averages.

Meanwhile, low-cost carriers are forecast to expand intra-regional networks with single-aisle jets, while open skies and trade agreements will enable carriers to invest in fuel-efficient widebodies to serve long-haul routes.

Southeast Asia is also forecasted to need 4,465 new airplanes valued at US$765 billion and commercial aviation services valued at US$790 billion by 2040.

Meanwhile, in Northeast Asia, Boeing said mature economies will continue to support a balanced air travel market across domestic, regional and long-haul travel segments.

Fleet replacement will account for nearly 75% of new deliveries as airlines look to improve sustainability and fleet versatility. The region is expected to need 1,385 new airplanes valued at US$310 billion as well as services valued at US$555 billion in the next 20 years.

In Oceania, it said commercial aviation serves as critical transportation infrastructure across long distances and island nations. Domestic and regional travel accounting for 80% of passenger traffic will drive single-aisle demand, while versatile widebody jets such as the 787 Dreamliner will support long-haul and international network development.

Boeing said Oceania is projected to need 785 new jets valued at US$135 billion and services valued at US$165 billion by the end of the forecast period.

The 2021 CMO also includes these projections for Asia Pacific where it noted that cargo fleet will more than triple to 1,160 airplanes, including new and converted models to support "diversifying global supply chains and meet e-commerce demand."

It said the Asia Pacific cargo fleet is expected to roughly equal North America’s cargo fleet by 2040.