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Rise in the incomes of the individuals has indirectly contributed largely towards the boom in the Asian aviation industry. Increase in the passenger traffic has led to growth of the sector with many Airlines on their way to increase their fleet.
Among those who have benefitted the most are the low-cost passenger airlines that are hot favourite amongst the tourists and regular flyers mostly from the middle class. The increased rush could be gauged from the fact that until October 2013 more than 138 million passengers were flown by Asia Pacific Airlines in the region, a rise of 5 % since 2012.
According to the trade pundits, the markets that have developed on the air travel map include Indonesia, Philippines, Malaysia and Thailand. This group alone has nearly 25 low cost carriers in operation with additional ones cropping up to cater to the increasing demand.
Terming Laos, Burma and Vietnam as the frontier markets having huge potential for growth, Industry analyst Brendan Sobie, said, “In Vietnam, passenger growth is running in the double digits. IATA sees Vietnam as one of the three largest growing markets in the world in next few years.”
In a recent report presented by US Plane maker Boeing, almost 12820 aircrafts worth a whopping US$1.89 trillion are expected to be sold between 2013-32 in the region spanning from Russia to New Zealand and Japan to Afghanistan.
Going by the estimated economic growth of 4.7 percent annually for the next two decades, the aircraft maker expects a rise of 7.5 percent annual increase in Southeast Asia.
It may be noted that Southeast Asia is awaiting the arrival of 1,525 aircrafts that comprise largely of single-aisle jets like the Boeing 737-800 and the rival Airbus 320. The key players include low cost carries AirAsia and Lion Air.
The increase in the aircrafts would mean additional trained pilots and expansion or building of new aviation infrastructure. While Bangkok is already feeling the heat with an increase in air traffic and rushing to build airports and aviation infrastructure, train new pilots along with ensuring the high stands of safety, the other hot spots too are going all out to cater to the increase in demand.
However amidst the growth in the aviation industry, the experts have sounded their concern for the falling safety standards by the Airlines. With recent cases of air disasters taking place almost every day killing the air travellers, there are rising concern over the safety standards.