Southeast Asia Aviation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Southeast Asia Aviation Industry is segmented by Type (Commercial Aviation (Passenger Aircraft and Freighter Aircraft), Military Aviation (Combat and Non-Combat Aircraft), and General Aviation (Helicopter, Turboprop Aircraft, and Business Jet)) and by Country (Singapore, Indonesia, Thailand, Malaysia, the Philippines, and the Rest of Southeast Asia). The report offers market size and forecast for all the above segments in terms of value (USD Million).

Southeast Asia Aviation Market Size

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Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 36.06 Billion
Market Size (2029) USD 45.68 Billion
CAGR (2024 - 2029) 4.84 %
Market Concentration Low

Major Players

Southeast Asia Aviation Market

*Disclaimer: Major Players sorted in no particular order

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Southeast Asia Aviation Market Analysis

The Southeast Asia Aviation Market size is estimated at USD 36.06 billion in 2024, and is expected to reach USD 45.68 billion by 2029, growing at a CAGR of 4.84% during the forecast period (2024-2029).

The COVID-19 pandemic has had a major impact on the commercial aviation segment of the market. With the global transportation halt, social distancing norms employed strictly, and the lockdown across almost every country, the need for commercial aircraft was completely reduced, leading to a steep economic slowdown in this segment of the market. However, the International Air Transport Association (IATA) expects passenger traffic to be restored to pre-pandemic levels by 2024, driving significant market investments and revenue influx. Meanwhile, the military aviation segment did not witness a significantly negative impact of the pandemic owing to the constant rise in global defense expenditure. 

Furthermore, China's military aggression in the South China sea adding to the country's proximity to the Southeast Asian countries has necessitated market growth for military aviation in the region.

Southeast Asia Aviation Market Trends

This section covers the major market trends shaping the Southeast Asia Aviation Market according to our research experts:

Commercial Aircraft Segment is Expected to Lead the Market

The Southeast Asian region houses an immense amount of population with a huge share of the untapped passenger market for the commercial aviation industry. With the airlines gradually increasing their market penetration and the high use of the internet, air travel is gradually becoming the preferred mode of transport and is expected to grow extensively over the coming years. The growth in passenger traffic was primarily due to the increase in the disposable income levels 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. Airlines, like Vietnam Airlines, Garuda Indonesia, and Singapore Airlines, have planned aircraft deliveries for the forecast period as part of their expansion and fleet modernization plans. As part of the fleet modernization plan, Thai Airways plans to phase out some of the Boeing 747-400s and Boeing 777s in the coming years and order 15 newer generation aircraft. Such fleet expansion and modernization plans are anticipated to propel the growth of the segment during the forecast period. Post the pandemic, travel, and tourism have become an important gateway for recreation and hence several travelers are choosing to fly to their destinations. This is driving airlines in the region to invest in improving their customer experience. For instance, Malaysia Airlines, in April 2022, announced the expansion of its partnership with Amadeus Altea Passenger Service System. With this expansion, the airline aims to provide high-end customer service to its flyers and offer numerous retail services to customers on board. Owing to major fleet expansion/modernization plans, along with airline investments in various parts of the market, the commercial segment is expected to witness the highest growth rate during the forecast period.

southeast asia aviation market segment

Singapore is Anticipated to Experience Significant Growth During the Forecast Period

Singapore is one of the major aviation hubs in Southeast Asia. The country's Changi airport is one of the world's busiest and most technologically equipped airports to handle huge aircraft like Airbus A380 and Antonov AN-225 Mriya. The airport witnessed a steady increase in passenger traffic until 2019, peaking at 68.3 million passengers handled in 2019, which fell steeply to 11.8 million in 2020 and 3.05 million in 2021. However, the country is a major hub for several commercial airlines and is also an anchor point for multiple cargo aircrafts flying goods to the Southeast Asian region. Furthermore, the country's own homegrown airline and the flag carrier Singapore Airlines is one of the leading carriers operating in the region and offering several long-haul flights, driving a significant passenger influx into the country. The country has also been upgrading its defense capabilities owing to its proximity to China and Taiwan, to counter any unprovoked military aggression from the Chinese forces. For instance, in February 2022, the Republic of Singapore Air Force (RSAF) upgraded its fleet of Fokker-50 maritime patrol aircraft and is working closely with the navy to review the country's security threats. Earlier, in 2016, the Republic of Singapore Air Force (RSAF) selected the Airbus Helicopters H225M and Boeing CH-47F Chinook to recapitalize its medium- and heavy-lift military helicopter fleet. The country received the first helicopter from Airbus from this batch in March 2021 and hopes to induct many such helicopters into various roles in the country's air force fleet. This is expected to drive the country to invest in multiple fleet modernization programs, creating a high number of market growth opportunities during the forecast period.

southeast asia aviation market gepgraphy

Southeast Asia Aviation Industry Overview

The aviation market in Southeast Asia has huge potential, as several countries are looking to enhance their commercial and military aviation fleets. The aviation market in this region is dominated by foreign players. Some of the prominent players in the market are The Boeing Company, Airbus SE, Lockheed Martin Corporation, Textron Inc., and Rostec. Foreign companies are also considering these countries to set up new manufacturing facilities for parts and components. This may help the local aerospace companies to collaborate with foreign players to extend their market presence and gain new contracts. Major aircraft manufacturers like Airbus have already set up manufacturing units across multiple countries in the region, capturing high chunks of market share and further tightening the competitive landscape in the region.

Southeast Asia Aviation Market Leaders

  1. The Boeing Company

  2. Airbus SE

  3. Lockheed Martin Corporation

  4. Rostec 

  5. Textron Inc.

*Disclaimer: Major Players sorted in no particular order

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Southeast Asia Aviation Market News

In February 2022, Indonesia finalized the purchase of up to 36 F-15 jet fighters from the United States as part of its defense fleet modernization program. This purchase is expected to increase Indonesia's defense strength against regional threats.

In February 2022, Singapore Airlines entered into purchase agreement with Airbus for 7 A350F freighter aircrafts. The newly ordered aircraft will replace the carrier's existing 747-400F fleet from the fourth quarter of 2025.

Southeast Asia Aviation Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Commercial Aircraft

        1. 5.1.1.1 Passenger Aircraft

        2. 5.1.1.2 Freighter Aircraft

      2. 5.1.2 Military Aircraft

        1. 5.1.2.1 Combat Aircraft

        2. 5.1.2.2 Non-combat Aircraft

      3. 5.1.3 General Aviation

        1. 5.1.3.1 Helicopter

        2. 5.1.3.2 Turboprop Aircraft

        3. 5.1.3.3 Business Jet

    2. 5.2 Country

      1. 5.2.1 Singapore

      2. 5.2.2 Indonesia

      3. 5.2.3 Thailand

      4. 5.2.4 Philippines

      5. 5.2.5 Malaysia

      6. 5.2.6 Rest of Southeast Asia

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 The Boeing Company

      2. 6.2.2 Airbus SE

      3. 6.2.3 Lockheed Martin Corporation

      4. 6.2.4 Dassault Aviation

      5. 6.2.5 Leonardo SpA

      6. 6.2.6 Textron Inc.

      7. 6.2.7 Rostec

      8. 6.2.8 General Dynamics Corporation

      9. 6.2.9 PT Dirgantara Indonesia

      10. 6.2.10 United Aircraft Corporation

      11. 6.2.11 ATR

      12. 6.2.12 Honda Aircraft Company LLC

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Southeast Asia Aviation Industry Segmentation

The market study considers market revenues from new aircraft deliveries and their affiliate service contracts. Similarly, the report analyses various investments in new airports, aircraft procurement programs, defense spending, and various business expansions by multiple companies. The market is segmented by Type into Commercial Aviation (Passenger Aircraft and Freighter Aircraft), Military Aviation (Combat and Non-Combat Aircraft), and General Aviation (Helicopter, Turboprop Aircraft, and Business Jet). The report offers market size and forecast in terms of value (USD Million) for the above segment across various countries in the region.

Type
Commercial Aircraft
Passenger Aircraft
Freighter Aircraft
Military Aircraft
Combat Aircraft
Non-combat Aircraft
General Aviation
Helicopter
Turboprop Aircraft
Business Jet
Country
Singapore
Indonesia
Thailand
Philippines
Malaysia
Rest of Southeast Asia
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Southeast Asia Aviation Market Research FAQs

The Southeast Asia Aviation Market size is expected to reach USD 36.06 billion in 2024 and grow at a CAGR of 4.84% to reach USD 45.68 billion by 2029.

In 2024, the Southeast Asia Aviation Market size is expected to reach USD 36.06 billion.

The Boeing Company, Airbus SE, Lockheed Martin Corporation, Rostec  and Textron Inc. are the major companies operating in the Southeast Asia Aviation Market.

In 2023, the Southeast Asia Aviation Market size was estimated at USD 34.40 billion. The report covers the Southeast Asia Aviation Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Aviation Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Southeast Asian Airlines Industry Report

Statistics for the 2024 Southeast Asian Airlines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asian Airlines analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Southeast Asia Aviation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)