DUBLIN, February 17, 2016 /PRNewswire/ --
A recent report published on Research and Markets predicts the full-service carrier (FSC) market to grow at a CAGR of approximately 3% between 2016 and 2020. The report highlights the tremendous growth in global air passenger traffic in recent years, particularly in the APAC region. It estimates that almost 50% of the global air passenger traffic will originate from the APAC region over the next 20 years.
Chinese regional carrier Okay Airways have now placed an order for 12 Boeing 737 jets worth $1.3 billion, with an option to buy eight more as it seeks to expand its fleet. China's first privately owned airline currently has a fleet of 18 aircrafts, but plans to grow the fleet to 80 by 2020. 
According to a report on Commercial Aviation in APAC, the region has witnessed the highest traffic demand globally over the last decade and the countries in this region are realizing that investment in this industrial sector is profitable. They have started to develop a commercial aircraft manufacturing footprint to support aircraft programmes from traditional aircraft manufacturers, such as Airbus and Boeing, along with new local aircraft programmes.
Boeing believe China will overtake the U.S. as the world's biggest aviation market over the next 20 years, according to reports. As well as selling aircrafts, this growth will open a number of opportunities in related markets. The global connected aircraft market is one of the most flourishing markets across the globe, according to a recent report, which predicts strong growth at a rate of 14.9%.
The report estimates that, by 2030, the passenger aircraft fleet size will be almost double than the present size. The growing demand for in-flight internet from air passengers is one of the key factors supporting this growth, with airlines are trying to introduce new distinctive services to attract and retain their customers.
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SOURCE Research and Markets