Air traffic growth in the Asia/Pacific region will grow by almost 7% per year over the next 20 years and the low-cost carrier market share will triple, Boeing said Monday.

Speaking in Singapore, Boeing Commercial Airplanes marketing VP Randy Tinseth said the Asia/Pacific travel market would eclipse the North American market, with an anticipated 6.7% annual growth in passenger traffic and 6.3% growth in cargo.

“Eighty percent of demand here will be for new airplanes to meet that growth,” Tinseth said.

Boeing predicts the region’s airlines will need 11,450 additional aircraft valued at $1.5 trillion by 2030. Overall, that will be part of a requirement for 33,500 new aircraft valued at $4 trillion with the largest demand being for single-aisle aircraft, where a requirement for 23,370 aircraft is expected, he said.

“The landscape of aviation is changing because of these emerging markets,” he said.