APAC aircraft services market to reach USD 129b by 2043

Bangkok : The commercial aircraft services market in the Asia-Pacific region will more than double in value to USD 129 billion from current USD 52 billion by 2043, according to Airbus'  latest Global Services Forecast. The growth is driven by a demand for some 19,500 new aircraft for the region, supported by a compound annual growth rate of 4.81 per cent 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 USD 43 billion to USD 109 billion (+5.0 per cent CAGR). The Enhancements and Modernisation sector is projected to grow similarly, from USD 5.1 billion to USD 13 billion (+5.1 per cent CAGR), while Training and Operations is expected to rise from USD 4.1 billion in 2024 to USD 7.6 billion in 2043 (+3.3 per cent CAGR).

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