If you ask Boeing, the economy of China is not destined to slow down. Rather, things are going to get even busier. So busy, in fact, that Boeing believes that the country will be requiring more aircrafts. The company’s China Current Market Outlook reveals that the Chinese fleet is expected to almost triple by 2034. We’re talking about an addition of as much as 6,330 airplanes. These incoming planes have a collective value of about $950 billion.
Those anticipated aircraft orders are expected to come in a span of 20 years. Boeing Commercial Airplanes Vice President of Marketing Randy Tinseth believes that China’s fleet of commercial airplanes will grow to about 7,210 in 2034, compared to 2,570 aircrafts in 2014. That reflects a growth of about 70%.
There is also an optimistic perception that China will become the “world’s largest domestic air travel market.” There’s a lot of dynamism in the market from the startups in the country to its low cost carriers, explains Boeing Commercial Airplanes Vice President of Sales and Marketing for Northeast Asia Ihssane Mounir.
In addition, there is also significant demand expected for single-aisle airplanes. Boeing is actually forecasting a demand of 4,360 single-aisle aircrafts through year 2034. With regard to this, Boeing is confident that the upcoming single-aisle aircraft demand can be readily served by Boeing’s Next Generation 737-800 and the new 737 MAX 8.
At the same time, Boeing is also expecting a demand for at least 1,510 aircrafts in the wide body segment. For this, Boeing is ready to offer its 777-300ER (Extended Range), 777X and 787 Dreamliner aircrafts.
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As of the moment, over 50% of commercial jetliners in China are actually Boeing aircrafts.