The giant aircraft manufacturer Boeing has forecasted Chinese airlines will purchase $1.1 trillion worth of new aircraft over the next two decades. The airline companies from China are growing their fleets to meet the demand for domestic and international travel.
Boeing estimates China will buy nearly 7,240 aircraft by 2036 which is 6.3 percent higher than the U.S. aircraft manufacturer’s previous prediction of 6,810 planes last year. China’s fleet frequency is expected to rocket as 20 percent of global new airplane demand will be from the airlines based in China.
“China’s continuous economic growth, significant investment in infrastructure, growing middle-class and evolving airline business models support this long-term outlook,” said Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes, in the report.
As a part of three-quarter of total deliveries, Boeing sees the demand for 5,420 new single-aisle planes by 2036 for China. Likewise, China will require 1,670 new wide-body aircraft over the same period.
China is the world’s fastest growing aviation market. International Air Transport Agency (IATA) has reported that China will be the biggest aviation market by 2024 overtaking the United States.
It says passenger airlines will likely focus on smaller and medium sized wide-body aircraft while larger planes will be snapped up by freight operators. Boeing has estimated that China’s outbound travel market will soon reach 200 million passengers annually.
Airbus’ latest Global Market Forecast 2017-2036 expects the passenger aircraft with seating capacity of more than 100 will double in next 20 years to 40,000 planes. The air traffic is set to grow at 4.4 percent per year. Similarly, Boeing has also projected the demand for 41,031 new commercial planes over the next 20 years valued at $6.1 trillion dollars.
