Aviation industry major Airbus said Tuesday that the Asia-Pacific region will lead global demand for larger and more eco-efficient aircraft over the next 20 years, with 10,940 new aircraft expected to be delivered from 2013 to 2032, valued at 1.8 trillion U.S. dollars.
Airbus released its forecast for the market at a press conference held in Singapore Airshow 2014, which was officially opened Monday night.
It said the number represents 37 percent of all new aircraft deliveries worldwide over the next 20 years, ahead of Europe, North America and the Middle East.
The forecast was similar with Airbus' main competitor, Boeing, which estimated the Asia Pacific region's airlines will need an additional 12,820 airplanes valued at 1.9 trillion U.S. dollars, representing 36 percent of the world's new airplane deliveries over the next 20 years.
"Over the next 20 years, nearly half of the world's air traffic growth will be driven by travel to, from or within the region. The Asia Pacific fleet will nearly triple, from 5,090 airplanes in 2012 to 14,750 airplanes in 2032, to support the increased demand, " said Randy Tinseth, marketing vice-president of Boeing.
The Airbus said increasing urbanization in Asia Pacific region will drive much more concentrated traffic among the mega cities in the region. It demands larger aircraft like its twin-aisle aircraft A330, all-new A350 XWB and A380.
On the other hand, the growth of new low cost operations is stimulating demand for single aisle aircraft such as the Airbus' A320 series. "Since 2000, the average aircraft capacity operated by low cost carriers has grown by nearly 50 percent," the Airbus said in a statement.
Boeing eyed the same trend. It said passenger airlines in Asia Pacific region will rely primarily on single-aisle airplanes to connect passengers.
"New low-cost carriers and demand for intra-Asia travel have fueled the substantial increase in single-aisle airplanes," said Tinseth. "Fuel-efficient airplanes like the Next-Generation 737 and 737 MAX help the growing number of low-cost carriers operate more efficiently and provide affordable fares to the emerging middle class."
As talking about the market of China, Airbus sales chief John Leahy said the market of domestic China will be the number one market in 20 years, overtaking the current number one, the U.S..
The Airbus had settled a final assembly line in Tianjin for its A320 before. Fabrice Bregier, the president and CEO of the company, said it would expand the cooperation with China by assembling the upgraded re-engines A320neo variant in Tianjin.
The biennial Singapore Airshow kicked off Monday night and the trade days will run through Friday. It will be open to the public over the weekend.
This year's show recorded the largest number of exhibitors in the history, with over 1,000 participating companies from 47 countries and regions.
A key highlight during the show will be the Airbus A350XWB, which marks its first full display at an international airshow. The A350XWB is also scheduled to perform its first ever airshow flying display for two days.
On Tuesday, the Airbus and VietJetAir, a Vietnam budget airline, also finalized a major order of over 100 Airbus single aisle aircraft. It includes over 60 firm orders and 30 purchase rights. In addition, the Vietnam airline will also lease eight more A320 family aircraft from third party lessors.