Japan, Japan, Sun, 03 Apr 2022 23:05:47 / Comserve Inc. / — The Southeast Asian aviation market is expected to grow with a CAGR of over 4.5% during the period forecast.
the Aviation market in Southeast Asia is expected to grow with a CAGR of over 4.5% during the forecast period.
– Gradual growth in passenger air traffic (more than 4% year-on-year growth) in the region is propelling the sourcing and expansion plans of airlines in the region.
– The increase in military expenditure of the countries of this region leads to the purchase of new combat aircraft, training aircraft and other aircraft to strengthen their air combat and transport capabilities.
– With government support, Southeast Asian countries are also improving their aviation infrastructure to support future growth.
– Amid the COVID-19 pandemic, air passenger traffic in countries like Vietnam, Cambodia, the Philippines and Thailand has seen declines of 34%, 34%, 36% and 40% respectively. This decrease in passenger traffic, as well as load factor, will affect airline revenues, which will have a subsequent effect on future expansion and supply plans in the years to come.
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Main market trends
The commercial aircraft segment accounted for a significant market share in 2019
The commercial aircraft segment held the highest market share in 2019. This is mainly due to the purchase of new aircraft by airlines to meet the growth in air passenger traffic. The growth in passenger traffic is mainly due to the increase in the disposable income of the people in the region as well as the growth in the tourism sector of various countries like Indonesia, Thailand, the Philippines, and Singapore, among others. Airlines like Vietnam Airlines, Garuda Indonesia and Singapore Airlines have aircraft on order slated for deliveries during the forecast period as part of their fleet expansion and modernization plans. As part of the fleet modernization plan, Thai Airways plans to phase out some Boeing 747-400s and Boeing 777s in the coming years and order 15 new-generation aircraft. These fleet expansion and modernization plans are expected to propel the growth of the segment over the forecast period.
Singapore is expected to witness significant growth over the forecast period
Singapore is one of the major aviation hubs in the Southeast Asian region. Singapore’s Changi Airport, one of the busiest airports in the world, saw a 16.35% increase in passenger traffic during the period 2016-2019. The airport handled 62.22 million, 65.63 million and 68.3 million passengers in 2017, 2018 and 2019, respectively. Singapore Airlines, the flag carrier of Singapore, plans to retire ten Airbus A330-300s, seven Boeing 777-200s and four Boeing 777-200ERs and introduce sixteen Airbus A350-900s and six Boeing 787-10s. As of February 2020, approximately 150 aircraft were on order and expected to be delivered during the forecast period. Similar to its commercial aviation industry, military aviation has seen gradual growth due to increased military spending. Singapore’s military expenditure in 2019 was $11,211 million, an increase of 3.47% over the previous year. Recently, in February 2020, the US government approved the sale of 12 F-35 aircraft to the Singapore Air Force. These combat aircraft should replace the Lockheed Martin F-16C/D in the years to come. Earlier in 2016, the Republic of Singapore Air Force (RSAF) selected Airbus Helicopters H225M and Boeing CH-47F Chinook to recapitalize its fleet of medium and heavy-lift military helicopters. These purchases and deliveries are expected to accelerate the growth of the market over the forecast period.
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The aviation market in Southeast Asia has huge potential as several countries seek to improve their commercial and military aviation fleet. The aviation market in this region is dominated by foreign players. Some of the major market players are The Boeing Company, Airbus SE, Lockheed Martin Corporation, Textron Inc. and Rostec. Foreign companies are also planning to set up new manufacturing facilities for parts and components in these countries. This will help local aerospace companies collaborate with foreign players to expand their market presence and land new contracts. In August 2019, Airbus Helicopters opened its new Regional Completion and Delivery Center (CDC) in Subang, Malaysia. According to Airbus, the new facility can simultaneously accommodate up to four medium-sized helicopters and is capable of completing and delivering up to 20 helicopters per year. Similarly, in August 2019, PPG announced plans to invest $15 million in a new 38,750 square foot (3,600 square meter) Application Support Center (ASC) near Seletar Airport in Singapore. The new center will meet the increased demand for aerospace sealants and coatings.
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