Despite current financial turmoil, Boeing sees strong growth in China’s aviation sector
Boeing, China’s leading supplier of commercial airplanes, projected that China will need 6,330 new airplanes over the next 20 years. Boeing, in its recently released annual China Current Market Outlook (CMO), estimated the total value of those new airplanes at USD 950 billion.
“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.”
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.The efficiency and flexibility of single-aisle aircraft like the 737 helps Chinese carriers connect and stimulate growth along the Economic Belt as part of the One Belt, One Road Strategy, he said.
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.