China’s surging aviation market will fuel a demand for over 6,000 new aircraft over the next two decades, says Boeing.
Releasing its annual China Current Market Outlook, the aircraft maker predicts Chinese airlines will order almost 45% of all airplanes in the Asia Pacific region.
The report forecasts 6,020 new planes will be needed over the next 20 years, valued at $870 billion.
"China’s aviation market is going through dynamic changes," said Boeing Commercial vice president of marketing Randy Tinseth.
"New business models like low-cost carriers and airplane leasing companies, a new generation of fuel-efficient airplanes and evolving consumer needs are driving demand for more direct flights to more destinations."
Tourism trends in China and for intra-Asia travel supports the need for more than 4,000 single-aisle airplanes through 2033.
Long-haul carriers are expected to order an additional 1,480 new fuel-efficient wide body planes, such as the 777, 787 Dreamliner and 747-8 Intercontinental, the report states.
"To compete in the tough long-haul market, our Chinese customers are focused on evolving new business models, adding new destinations, and increasing their capacity and resources," Tinseth said.
