Southeast Asian aviation market bounces back
Bouncing back from losses during the Covid-19 pandemic, Southeast Asian airlines are signing big aircraft purchase contracts in a race to meet increasing travel needs.
Thai Airways aircraft. Photo courtesy of AFP/Vietnam News Agency.
Thai Airways, Thailand’s national flag carrier, has placed an order for 45 Boeing wide-body aircraft, with an aim to increase its fleet from 70 planes in late 2023 to 96 by 2033. In 2019 before the Covid-19 broke out, the airline owned 103 planes.
Meanwhile, Philippine Airlines is tripling capital investments for the fiscal year ending December to $450 million for fleet upgrades and upkeep. The airline also has a plan to order 22 new aircraft for routes to North America and others.
Garuda Indonesia will also add eight new aircraft this year, bringing its operating fleet to 80 by the end of the year.
The potential growth in air travel demand in the region is making airlines optimistic.
The International Air Transport Association (IATA) forecasts a 17% growth in the total number of passengers in the Asia-Pacific in 2024 – the highest in the world.
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