The commercial aircraft services market in the Asia-Pacific region will more than double in value to US$129 billion from US$52 billion today, by 2043 according to Airbus’ latest Global Services Forecast (GSF).

This is driven by a demand for some 19,500 new aircraft for the region, supported by a compound annual growth rate (CAGR) of 4.81% in passenger air traffic in the region.

Driven by the rise in annual air traffic, fleet growth and the requirement for more digitally-enabled and connected aircraft, the growth in demand for services will be reflected in solutions implemented across all phases of the aircraft from delivery to end-of-life, including fleet maintenance, aircraft modernisation and training.

Among the various segments of the services business in Asia and the Pacific, the Maintenance market will  more than double from US$43 billion to US$109 billion (+5.0% CAGR). The Enhancements and Modernisation sector is projected to grow similarly, from US$5.1 billion to US$13 billion (+5.1% CAGR), while Training and Operations is expected to rise from US$4.1 billion in 2024 to US$7.6 billion in 2043 (+3.3% CAGR).

Airbus anticipates a need for 999,000 new skilled professionals in the region (nearly 45% of global manpower) over the next 20 years, comprising 268,000 new pilots, 298,000 new technicians and 433,000 new cabin crew members.

“The Asia-Pacific region will see the largest volume of growth and activity in terms of aftermarket services, with many opportunities for additional efficiency, simplification and responsible operations. Airbus will continue to play an important role in supporting airlines and the aviation industry at large in responding to those opportunities,” said Cristina Aguilar Grieder, Airbus Senior Vice President Customer Services.

Source: Airbus
Photo Credit: Airbus