Market Trends of asia-pacific commercial aircraft cabin lighting Industry
Airbus A321neo and Boeing 737 Max record the highest gross orders
- Ongoing political tensions between China and the United States have impacted Boeing, and it now plans to remarket some 737MAX jets earmarked for Chinese customers. Boeing is facing a difficult situation as Chinese airlines are no longer ordering its jets. The Boeing delivery center in Zhoushan, China, is ready and is expected to resume delivery of 737MAX aircraft. The Zhoushan plant can accommodate 100 aircraft annually.
- Airbus accumulated 1,044 net new orders (1,080 gross orders), compared to 259 net new orders (442 gross orders) in the first half of 2022. In 2022, Airbus booked 820 net new orders (1,078 gross orders), surpassing both 2021 gross orders and net new orders. In 2022, Airbus won the orders crown for the fourth consecutive year by a fairly slim margin of just 46 aircraft compared to Boeing. In 2021, Airbus booked a total of 771 gross orders and received 264 cancellations, for a total of 507 net new orders. In June 2023, Airbus booked orders for a whopping 902 aircraft for 12 different customers and reported two A321neo cancellations, for a total of 900 net new orders.
- Boeing has accumulated 415 net new orders (527 gross orders), compared to 186 net new orders (286 gross orders) in the first six months of last year. In 2022, Boeing booked 774 net new orders (935 gross orders), up from 479 net new orders (909 gross orders) in 2021. As of June 2023, Boeing booked orders from nine customers for a total of 304 jets (gross orders). However, the company also reported 16 777X cancellations, resulting in 288 net new orders.
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An increase in international passenger traffic post the COVID-19 pandemic is driving market demand
- As cross-border travel was progressively restored in 2022 post the COVID-19 pandemic, the carriers in Asia-Pacific raced to increase their flights to meet runaway demand, stimulated by people's desire to travel and cash in on savings accumulated in the two years of isolation. As a result, in 2022, the air passenger traffic in the region recovered more rapidly from the pandemic than in the other regions. For instance, in 2022, air passenger traffic in the whole of Asia-Pacific was recorded at 1.9 billion, a growth of 6% compared to 2021 and 151% compared to 2020. Airline companies in the region are implementing fleet expansion plans to cater to the growing air passenger traffic in the major countries. China, India, Japan, and Indonesia accounted for 70% of the total air passenger traffic in the region, generating higher demand for new aircraft compared to other Asia-Pacific countries.
- Airlines in Asia-Pacific also witnessed a good recovery in international air passenger markets as travel demand continued to fuel growth despite increasingly challenging global economic conditions. For instance, in August 2022, the region recorded 13.1 million international air passenger traffic, an 836% increase compared to August 2021, when it was recorded at 1.4 million. The healthy growth in international passenger traffic in the first eight months of the year showed strong travel demand from business and leisure consumers. The rapid increase in air passenger traffic in the region is expected to drive the air transport industry in the future.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The introduction of long-range narrowbody aircraft is the key market driver in Asia-Pacific
- Boeing dominated the market with USD 67 billion in revenue compared to Airbus's USD 63 billion in 2022
- Rising air travel demand and funds that are being allocated for airport infrastructures are the factors driving the growth of the market
- Demand in major industries, such as manufacturing and construction, boosting the GDP
- The demand for smaller and more efficient aircraft is the driving factor for aircraft backlog in Asia-Pacific
- Adopting new lightweight materials and structures is the new trend to reduce fuel consumption
