HONG KONG: Asia-Pac to continue to drive air cargo: Boeing
The Asia Pacific region’s air traffic growth will exceed the world average by a large margin over the next two decades, according to Boeing. World air cargo traffic will triple over the next 20 years, said Jim Edgar, regional director of Cargo Marketing for Boeing at the recent Air Freight Asia 2011. The world freighter […]
April 1, 2011
The Asia Pacific region’s air traffic growth will exceed the world average by a large margin over the next two decades, according to Boeing. World air cargo traffic will triple over the next 20 years, said Jim Edgar, regional director of Cargo Marketing for Boeing at the recent Air Freight Asia 2011. The world freighter fleet will expand by more than two-thirds to nearly 3,000 aircraft by 2029. Large freighter aircraft will lead fleet additions, growing from an overall share of 27 per cent to 33 per cent as traffic continues to build on long-haul, international trade lanes. “From now through 2029, we expect world air cargo traffic to grow at an annual rate of 5.9 per cent,” Edgar said. “Asia will continue to be at the forefront of the air cargo industry. Routes associated with Asia will continue to experience the world’s highest growth rates over the next 20 years, at 6.8 per cent.” “China represents 40 per cent of the transpacific cargo market, and Hong Kong is a key gateway for air cargo connecting China with the world,” Edgar said. “This area stands to benefit greatly from future increases in air cargo traffic.” Randy Tinseth, vice president of Marketing for Boeing Commercial Airplanes, said the region’s air traffic growth is expected to grow at an average annual rate of 6.8 per cent over the next 20 years, compared to the world average of 5.3 per cent. “Asia Pacific will account for onethird (10,320) of new airplane deliveries worldwide over the period,” Tinseth said. “This demand is driven by the fact that Asia Pacific will account for 44 per cent of travel in 20 years’ time, up from around 34 per cent today.” “China’s air travel growth is even more dramatic, with a 7.6 per cent increase over the next two decades,” he said adding, “this is sweet music to an airplane manufacturer’s ears.” Tinseth said that rising passenger and cargo traffic is creating pressure for fleet growth. Globally, airlines will need 30,900 new passenger and freighter aircraft through 2030, valued at US$3.6 trillion. Forty-four per cent of these aircraft will replace older, less-efficient airplanes, while 56 per cent will account for new aircraft needed to meet air traffic growth. The world fleet is projected to double from 18,890 to 36,300 aircraft during this span.