CHINA is expected to place orders for 6,810 new airplanes with an estimated value of US$1.025 trillion over the next 20 years.
According to Boeing’s China Current Market Outlook, this makes China the world’s first trillion dollar aviation market.
“As China transitions to a more consumer-based economy, aviation will play a key role in its economic development,” said Randy Tinseth, vice president of marketing, Boeing Commercial Airplanes.
“Because travel and transportation are key services, we expect to see passenger traffic grow 6.4 per cent annually in China over the next 20 years.”
Boeing predicts China will need 5,110 new single-aisle airplanes through 2035, accounting for 75 per cent of the total new deliveries.
Both LCCs and FSCs have been adding airplanes and expanding new point-to-point services to cater for both leisure and business travel demand from a rising middle class in China and throughout Asia, added the aircraft manufacturer.
Meanwhile, Boeing forecasts that the widebody fleet will triple in size, requiring 1,560 new airplanes. This reflects a continued shift from very large airplanes to efficient new small and medium widebody crafts
Worldwide, it projects investments of US$5.9 trillion for 39,620 new commercial airplanes to be delivered over the next 20 years.
