Boeing believes that airlines in the Oceania region will require 920 new aircraft worth US$120bn (A$129bn) over the next 20 years, according to its latest Current Market Outlook.
Boeing’s vice president of marketing Randy Tinseth shared the outlook as part of a series of briefings he is undertaking this week in Sydney, and noted that the relative strength of the Australian economy was helping to drive up passenger demand.
“We’re seeing that growth reflected in passenger travel in this region, with Oceania air travel growth expected to be about 6 per cent annually, compared to a world average growth of 5.3 per cent,” he said.
With such growth predicted, Boeing expects that 56 per cent of new aircraft deliveries through to 2029 will be for growth rather than replacement. Of the 920 new aircraft which will be required, 68 per cent will be single aisle narrowbodies, while 28 per cent will be twin aisle widebodies. Larger aircraft will account for three per cent of the market, while aircraft will only account for one per cent of the market.
As well as the growth in low cost airlines through the Oceania region, Tinseth added that the wider Asia Pacific market will drive growth in the industry. “Today about one-third of all airline traffic touches the Asia Pacific region, and as a result of the growth in this market, by 2029 almost 43 per cent of all traffic will be to, from, or within the region,” he said.