Boeing projects demand for 4,210 new airplanes in Southeast Asia, valued at $650 billion, over the next 20 years. That is up from last year’s forecast of 3,750 aircraft valued at $550 billion.

“Look at countries like Vietnam, Thailand and Indonesia — that infrastructure has to grow and will grow,” said Dinesh Keskar, senior vice present of Asia Pacific and India sales, Boeing. “Aviation is the biggest source of tourism for the countries, it is the biggest source of moving people and moving cargo.”

The company presented its Southeast Asia Current Market Outlook during a briefing last week at its regional headquarters in Singapore. The report forecasts the region will continue its strong annual traffic growth at 6.2 per cent, outpacing the world’s average growth rate of 1.5 per cent.

“Driven by fierce competition and growing passenger demand, airlines in Southeast Asia need the most capable, flexible, economical and passenger preferred airplanes available,” added Keskar. “With their new technologies, superior capabilities and advanced efficiencies, the continued orders for the 737 MAX, including the new 737 MAX 10, as well as the 787 Dreamliner, demonstrate the value Boeing’s airplanes are providing to airlines in [the] region.”

Single-aisle airplanes, such as the 737 MAX family, will account for more than 70 per cent of new deliveries. Low-cost business models — used by carriers like AirAsia X, Indigo, Scott, Jetstar Asia and Tigerair — continue to be the main driver of traffic growth in the region, growing to more than 50 per cent of the total market.

Boeing sees worldwide demand at 41,030 new airplanes over the next 20 years.