Flying into the fastest growing commercial market, aerospace companies have landed at the Singapore Airshow to finalise billions of dollars worth of deals.
Air travel has surged in the region and the world’s biggest planemaker Boeing expects nearly half of the world’s air traffic growth will be driven by the Asia Pacific region over the couple of decades.
“As we look at the next 20 years the Asia Pacific market will be the largest market place in the world. We expect passenger traffic to grow about 6.3 percent, cargo traffic at 5.8 percent. And as a result of this growth we see total demand of close to 1,300 airplanes here in the Asia Pacific region,” said Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes.
Some of the world’s biggest long-haul carriers are Asia based and officials reckon Vietnamese, Indian and Thai companies will place orders for over 100 Airbus or Boeing passenger jets, worth 12 billion dollars at list prices.
But Boeing says it is monitoring local currencies to assess airlines’ ability to meet orders, while one analyst warned some manufacturers may be getting ahead of themselves given the troubles in emerging markets.
Singapore will mark the first full show debut for the Airbus A350.