Boeing, China's leading provider of commercial airplanes, projects a demand for 6,810 new airplanes in the country over the next 20 years. Boeing has released its annual China Current Market Outlook, and estimates the total value of those new airplanes at $1.025 trillion. China becomes the first trillion dollar aviation market in Boeing's forecast.
"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 Airplans. "Because travel and transportation are key services, we expect to see passenger traffic grow 6.4 percent annually in China over the next 20 years."
Boeing predicts China will need 5,110 new single-aisle airplanes through 2035, accounting for 75 percent of the total new deliveries. Low-cost carriers and full-service airlines 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.
Boeing forecasts the widebody fleet will triple in size, requiring 1,560 new airplanes such as the 787, 777 and 777X. This year's forecast reflects a continued shift from very large airplanes to efficient new small and medium widebody airplanes.
"The continuing expansion of China's middle class, coupled with new visa policies and a wide range of widebody airplanes with new technologies, capabilities and efficiencies, gives us every reason to expect a very bright future for China's long-haul market," said Tinseth.