Market update
The slow-down in world trade has depressed both passenger travel and air cargo traffic. As the world economy recovers, the region's airlines will return to their long-term growth trend.
We have added more detailed data on five geographic markets within the Asia Pacific region. Use the quick links in the right-hand column to explore forecast details for:
Modern, efficient fleets
Economic growth will average 4.4 percent per year during the next 20 years, expanding the region's share of world GDP to 33 percent, from 25 percent today. Continued economic growth will drive demand for air transport, creating a requirement for more than 8,900 new airplanes, valued at $1.1 trillion. Delivery of these new, efficient airplanes ensures that the region's fleets will remain among the youngest in the world.
Thriving air commerce
Asia Pacific covers a broad geographic expanse, which presents unique challenges and opportunities for airlines. The region is served by a variety of airline types, including established network carriers, emerging low-cost airlines, and airlines that specialize in short-haul networks. Some of the largest and most efficient cargo operators in the world also serve the region, capitalizing on the significant trade among Asia Pacific nations and trade with other regions.
Conditions for growth
Airports in the region are expanding to match growing demand for aviation services from its many large population centers. Rising wages and broadening distribution of wealth in rapidly developing countries such as China and India will make it possible for a larger percentage of the population to travel by air. Relaxation of regulatory restrictions and infrastructure improvements will further stimulate air travel within the region.
Travel volumes in Asia Pacific overall are large and growing rapidly. Asia Pacific will account for 41 percent of travel in 20 years' time, up from around 32 percent today. In fact, in less than 10 years, Asia Pacific will easily be the largest air travel market in the world. Overall, air travel for the Asia Pacific region is expected to grow at an average annual rate of 6.5 percent over the next 20 years. The Asia Pacific fleet will grow from 3,910 to 11,170 airplanes.
