Boeing estimates that the country will spend $1.2 trillion on new aircraft over the next two decades
The world’s fastest growing aviation market is about to expand even more. According to new estimates conducted by Boeing, China-based airlines are set to buy 7,690 new commercial aircraft by 2037.
With growth like this, the booming country would account for 18 per cent of the world’s commercial aeroplane fleet. Currently, China owns 15 per cent of commercial planes.
The American aircraft manufacturer adjusted last year’s estimate of the Chinese aviation market. The numbers currently forecast are 6.2 per cent higher than the last time they carried out an assessment when their estimate was that China would purchase 7,240 planes by 2036.
Airlines will pay around $1.2 trillion for the new aircraft, the manufacturer says, while the reason behind the growth lies in changes in Chinese social structure.
“The growth in China can be attributed to the country’s growing middle class, which has more than tripled in the last 10 years and is expected to double again in the next 10,” said Randy Tinseth, Boeing Commercial Airplanes’ vice president of marketing, in a statement.
Out of the 7,690 new planes, about three quarters will likely be single-aisle aircraft while China’s widebody fleet will require 1,620 new planes. Such numbers would triple China‘s current widebody fleet size.
Boeing, as well as its European competitor Airbus, has increased activity in the Chinese market by opening assembly plants in the country. Every fourth new plane Boeing sold over the last year has been purchased by one of the carriers based in China.
In next twenty years, Boeing expects to sell 42,730 new aircraft globally for $6.3 trillion in total. Last year, the company forecast the sale of 41 030 planes over the two decades.