Boeing Commercial Airplanes is forecasting a demand for 3,860 new aircraft in the Southeast Asian region for the 2016-2035 period, with a projected value of $565 billion over that 20-year span. In addition, it predicts demand for 1,020 new aircraft for the Oceania region during that time, a total it estimates at $160 billion.

The forecasts exclude Boeing’s outlook for demand in the Chinese market, which is the most rapidly expanding market for new aircraft demand.

The jet builder frequently releases regional or market-based updates to its Current Market Outlook series. Presently, Boeing’s global market forecast new-aircraft demand by 2035 is valued at $5.9 trillion, or 39,620 new aircraft. 

“Southeast Asia and Oceania remain important markets for Boeing as airlines continue to add capacity, modernize their fleets and shift their business models to adapt to this competitive market,” stated Dinesh Keskar, senior vice president for Asia Pacific and India Sales. “While we see the majority of the demand being for single-aisle airplanes, such as the 737 MAX, fuel-efficient twin-aisle airplanes such as the 787 Dreamliner and the 777X will also be needed, enabling airlines to profitably open new routes, never before possible.”

Boeing’s annual report projects over 75% of the jets needed in Southeast Asia and Oceania will be single-aisle aircraft, which support the expanding role of low-cost carriers serving the expanding middle class and supporting new or additional route systems. Boeing sees annual growth rates of 6.4% in Southeast Asia and 4.7% in Oceania, respectively, over the 20-year period.