Boeing sees China demand for 6,330 airplanes worth almost $1tn
Above: Beijing Capital International Airport, the busiest airport by passenger traffic in China and the second busiest airport in the world.
“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, Boeing Commercial Airplanes. “Over the next 20 years, China’s commercial airplane fleet will nearly triple: from 2,570 airplanes in 2014 to 7,210 airplanes in 2034, with more than 70% of these deliveries accommodating growth.”
“China’s aviation market is incredibly dynamic, from its leading airlines to its startups and low-cost carriers,” said Ihssane Mounir, vice president of Sales and Marketing for Northeast Asia, Boeing Commercial Airplanes.
As China becomes the world’s largest domestic air travel market, Boeing is forecasting demand for 4,630 single-aisle airplanes through 2034. This sector is driven by growth in new carriers and low-cost airlines in developing and emerging markets, as well as continuous expansion in established airlines. In fact, the efficiency and flexibility of single-aisle aircraft, helps Chinese carriers connect and stimulate growth along the Economic Belt as part of the One Belt, One Road Strategy.
China’s low-cost carriers are currently responsible for about 8 percent of single-aisle market demand, rising to 25-30% of demand by 2034, Tinseth noted. “The 737 MAX 200 will have the lowest fuel costs – 20% per seat – versus today’s most efficient single-aisle airplanes,” Tinseth said. “737 MAX fuel efficiency and the 737’s position as the industry’s most reliable airplane offer Chinese low-cost carriers competitive advantages as they grow new business.”
Boeing forecasts that the widebody segment will require 1,510 new airplanes, led by small and medium widebody airplanes.Tinseth stressed that Chinese airlines have more than doubled their long-haul international capacity over the past three years.
“Enabled by China’s growing middle-class population, new visa policies and the underlying strength of its economic growth, this expansion is expected to continue, and in fact accelerate,” Tinseth said.
Worldwide, Boeing projects investments of $5.6 trillion for 38,050 new commercial airplanes to be delivered during the next 20 years. The complete global forecast is available here