Boeing Raises 20-Year Outlook for China, Citing ‘Strong Growth’
Boeing increased its forecast for commercial aircraft sales in China on Tuesday, saying it sees “strong growth” despite a slowing economy in what is currently the world’s second largest aviation market.
“Despite the current volatility in China’s financial market, we see strong growth in the country’s aviation sector over the long term,” said Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes in a statement.
The Chicago-based plane manufacturer sees sales of 6,330 aircraft in the next 20 years, with a value of $950 billion, representing a 5% increase over last year’s estimate.
China’s commercial airplane fleet will triple over that period, according to Boeing, moving from 2,570 airplanes in 2014 to 7,210 in 2034, calling the country’s aviation market “incredibly dynamic.”
Boeing said that China will become the world’s largest domestic air travel market by then, citing the country’s “growing middle-class population, new visa policies and the underlying strength of its economic growth.” Based on Boeing’s forecast, over 20 years China will purchase 4,630 single-aisle aircraft with sales being driven in part by the growth of new airlines and low-cost carriers. Wide-body sales are estimated to be 1,510, including 50 large wide-body airliners that seat more than 400 passengers.
(Photo: Accura Media Group)