Southeast Asia will require more than 3,750 new aircraft that will be worth $550 billion over the next 20 years starting last year, said a senior executive at Boeing during a press conference on Monday in Singapore prior to an Airshow that begins there on Tuesday.

Of that, 76% would be for aircraft that is single-aisle such as the Boeing 737 or the Airbus A 320 said Boeing’s Asia Pacific and India senior vice president of sales Dinesh Keskar.

He added that the purchasing would be over the large part driven by carriers that are low-costs and in the markets with growth such as in Vietnam, Myanmar and Indonesia.

Passenger traffic in southeast Asia had grown by over 9% in 6 years, with intra Southeast Asia traffic projected to expand by 7.7% over the upcoming two decades.

The complete pie and the number of people who are traveling are still quite low.

The region of the Asia-Pacific on a whole will absorb more than 14,450 aircraft, which is over a third of the 39,000 aircraft that will be required globally, said the forecast released by Boeing.

Tony Tyler the director general of IATA said Sunday that record orders of planes had been placed by ambitious airlines in the Southeast Asia could be at a risk of an environment of intense competition, turmoil in financial markets and low profitability.

The low-cost fast growing carriers like Lion Air in Indonesia, AirAsia in Malaysia and IndiGo in India have made orders for hundreds of Boeing and Airbus jets during the past decade in an attempt to secure some market share.

Lion is the only customer of Boeing of the three mentioned and Keskar said the airline was talking all its ordered 737s. Boeing he said was in a good spot and did not have any requests for deferrals from any customers.

Most of the customers have orders between 25 and 40 aircraft each time and then replace them between three and five years, sad Keskar who said steady plans for growth help the airlines.