Boeing Sees China as First $1 Trillion Airplane Market
Boeing increased its forecast for aircraft demand in China in the next two decades to 6,810 aircraft valued at $1.025 trillion. The move makes China the first trillion-dollar aviation market in a Boeing forecast.
Last year, the aircraft manufacturer predicted a need for 6,330 new planes worth $950 billion.
The increase comes as a result of China’s transition to a “more consumer based economy,” said Randy Tinseth, the company’s vice president of marketing. “Because travel and transportation are key services, we expect to see passenger traffic grow 6.4% annually in China over the next 20 years.”
About 71% of the new aircraft demand in China will be for growth, the planemaker said. Including a retained fleet of 910 planes, China will have 7,720 aircraft by 2035, the company said in presentation materials.
Boeing said that China will need 5,110 new single-aisle jets in the coming two decades, with a market value of $535 billion, representing 75% of new deliveries. The market for wide-body jets will triple in size, requiring 1,560 new planes.
(Photo: Accura Media Group)