Boeing forecasts robust airplane demand in Asia

Boeing has forecast that 1,210 new airplanes will be needed in Korea and Japan by 2029.

Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes, said the company expects passenger travel in the Northeast Asia region to grow by an annual 4 percent in a press conference held in downtown Seoul.

“The Korean economy has strongly rebounded from the recession and is now growing at a pace well ahead of the global economy,” he said.

Tinseth also said the Korean aviation market has transformed, especially due to intense competition and the innovation of local air carriers as well as the growth of low-cost airlines.

“Low-cost airlines are beginning to gain a share in the Korean airline market, accounting for about 22 percent of all domestic seats in 2009,” he added.

Air traffic in the Asia Pacific region is expected to grow 7.1 percent annually over the next 20 years, significantly higher than the global average of 5.3 percent.

More than 7.9 million people visited Korea last year, whereas about 11.6 million Korean people flew to other destinations, according to Tinseth.

“Today, approximately one-third of all airline traffic flies through the Asia-Pacific region and as a result of growth in this market, almost 43 percent of all traffic by 2029 will be to, from and within this region,” he said.

By Cho Ji-hyun (heraldm.com)
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