Boeing says Southeast Asia’s commercial airplane fleet will nearly quadruple to more than 4,000 jets by 2042, growing 6.9 percent annually, twice the global rate, thanks to low-cost carrier (LCC) expansion.

The US aircraft manufacturer is confident that low-cost carriers (LCCs) will become the dominant business model and that the region will be the fastest-growing market for single-aisle airplane in the next 20 years

Low-cost carriers in Southeast Asia are predicted to add more than 2,000 new single-aisle jets over the next two decades, or nearly two-thirds of the overall projected 3,390 single-aisle deliveries in the region.

Boeing estimates LCCs will transport more than half of passenger traffic or 56 percent in 2042, compared to 22 percent in 2012.

These projections are included in Boeing’s 2023 Commercial Market Outlook (CMO), the company’s annual long-term forecast of demand for commercial airplanes and related services.

The report also predicts that 83 percent of deliveries to Southeast Asia will support fleet growth, whilst 17 percent will be used for replacement of older airplanes with more fuel-efficient models. Boeing says nearly half of deliveries in Asia-Pacific outside China during the forecast period will go to the region.

The number of widebody jets in the region are also expected to grow three-fold, with demand for nearly 800 airplanes including the likes of Boeing’s 787 Dreamliner, 777X and freighter models.

All of these predictions are also expected to drive the demand for aviation services including maintenance, repair, training and spare parts.