Boeing: Booming China air market worth USD1 trillion in new planes
Boeing remains bullish on the China market with an expected demand for more than 7000 new jets over the next 20 years.
Boeing values the market at $1.1 trillion between now and 2036 which is more than 6% higher than its previous estimate.
"China’s continuous economic growth, significant investment in infrastructure, growing middle-class and evolving airline business models support this long-term outlook," said Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes.
"China’s fleet size is expected to grow at a pace well above the world average, and almost 20 percent of global new airplane demand will be from airlines based in China."
It forecasts need for 5,420 new single-aisle jets and 1,670 wide-body airplanes.
The country’s outbound travel sector will soon surpass 200 million passengers, the plane maker says.
Globally, more than 40,000 new jetliners are required over the next decades which are valued at about $6.1 trillion.
Long before then China will overtake the US as the world’s biggest aviation market.
China has entered the plane making business with a homegrown narrow body jet built by state-owned Commercial Aircraft Corporation of China.
The C919 had its maiden flight earlier this year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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