Boeing predicts that China will require 4,330 new commercial aircraft valued at $480bn (£299bn) over the next 20 years.
Over the forecast period, China will triple in airplane fleet size, making it the largest airplane market outside of the US.
‘China is one of the world’s fastest growing and dynamic aviation markets, driven by the urbanisation of China, the growth of its economy and ever-increasing personal wealth,’ said Randy Tinseth, vice-president of marketing, Boeing Commercial Airplanes. ‘We expect domestic passenger traffic for China to grow at a rate of 7.9 per cent on average.’
Boeing forecasts that 71 per cent of China’s demand will be for single-aisle airplanes, with total deliveries reaching 3,090. Intermediate twin-aisles will see approximately 890 airplane deliveries.
Demand will also include a limited number of large airplanes to connect China with other major world destinations. The market forecast calls for about 70 airplanes in that category.
With China’s cargo markets leading the global industry, Chinese air carriers will add about 330 freighter airplanes by 2029. China’s total fleet of freighter airplanes will more than triple in size.