Boeing vice-president for marketing Randy Tinseth said aircraft demand in South Korea and Japan will grow over the next 20 years to $190bn.
Tinseth said the demand for a total of 1,210 aircraft, including 760 new units and 450 for replacement, will be created between 2010 and 2029 in the two countries.
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Demand will rise due to the growth in air traffic in South Korea and Japan, which is expected to rise at an annual average of 7.1% over the next 20 years.
Tinseth said the development of Incheon International Airport and the rapid growth of low-cost carriers will drive the future of South Korea’s aviation market.
South Korean budget carriers recorded a rise in their domestic market share over the past five years, driven by demand for low-cost flights, according to bernama.com.
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By GlobalData
