KUALA LUMPUR (Nov 13): The Asia-Pacific aviation sector will require 19,500 new aircraft, accounting for 46% of the global requirement, over the next 20 years, according to European aircraft manufacturer Airbus in its latest regional market forecast.

Global demand is expected to reach around 42,430 new aircraft by 2043.

In a statement on Wednesday, Airbus president for Asia-Pacific Anand Stanley said the Asia-Pacific forecast, which includes China and India, reflects a year-on-year growth of 3% in terms of new aircraft needed.

"Airbus anticipates the need for 16,000 single-aisle aircraft such as the A220 and A320neo family to support the region’s short- to medium-haul routes.

"At the same time, demand for medium- and large-sized long-range aircraft such as the A330neo and A350 will total approximately 3,500 aircraft. Key recent widebody aircraft orders in the region include Cathay Pacific (A330neo), as well as EVA Air, Japan Airlines and Korean Air (A350), with several other ongoing campaigns expected to fuel growth," he added.

Airbus estimates that nearly 71% of the aircraft deliveries will support fleet expansion, while 29% will replace older models.

In the cargo segment, Asia-Pacific is expected to require 250 new widebody freighters, representing 10% of global demand.

Airbus also projects the Asia-Pacific passenger traffic to have an annual growth rate of 4.8%, outpacing the global growth rate of 3.6%.

“As one of the fastest-growing aviation markets in the world, the Asia-Pacific region is poised for significant growth over the next two decades. With rising demand for both passenger and cargo operations, we are well-positioned to help our airline partners meet their long-term goals with the most efficient, sustainable, and advanced aircraft available, while contributing to decarbonisation efforts across the industry,” said Stanley.