Boeing this week released its Current Market Outlook for China, projecting that by 2023 the country’s air carriers will require nearly 2,300 new airplanes, making China the largest commercial aviation market outside the United States during the next 20 years.
Those airplanes will be worth approximately $183 billion, and will quadruple China ‘s fleet to 2,801 airplanes by the end of the forecast period. Single-aisle aircraft will be the largest category within that total at 1,455 airplanes. Intermediate twin-aisles represent approximately 469 airplanes, whilst regional jets will account for 316 units. Larger-size airplanes will account for 53 units.
“Passengers are the foundation of air travel, and in a competitive market the airlines will continue meeting passenger demand for more non-stop service to destinations around the world with longer-range, efficient and comfortable airplanes. These will be in the 200 to 400 seat capacity category, with only a few very large ones needed,” said Boeing Commercial Airplanes Vice President, Marketing, Randy Baseler.
Boeing projects air travel growth will outpace China’s Gross Domestic Product increase during forecast period. China ‘s overall air traffic market is expected to increase 7.3 percent annually, led by the domestic market’s forecast average annual growth of 8.1 percent.
The China to Europe market, expected to grow at 7.4 percent, will be the fastest growing of the China-related international markets. The China to Northeast Asia (Japan and South Korea) market will grow at 6.7 percent, while China to North America will increase 6.5 percent.
Beijing, Shanghai, Guangzhou, Hong Kong and other large provincial cities are expected to have increased non-stop flights connecting to several major European and American cities. Boeing 7E7 and 777 size airplanes will provide most of these services.
Worldwide, Boeing projects that operators will invest $2.0 trillion for approximately 25,000 new commercial airplanes during the next 20 years.