Boeing bumps up forecast for China's aviation purchases by 6.3%
Boeing has estimated the Chinese aviation market will need to add $1tn worth of commercial aircraft by 2036. The forecast, which is 6.3% above its earlier prediction, is part of the company's 20-year outlook, which expects to see demand for 5,420 new single-aisle aircraft and 1,670 new wide-body planes over the two decades. "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, VP of marketing at Boeing Commercial Airplanes. By 2024, China will have overtaken the US as the world's largest aviation market by passengers, according to the International Air Transport Association.
Boeing has forecast that Chinese airlines will buy 7,240 commercial aircraft worth $1.1 trillion between now and 2036.

The fresh 20-year outlook, released Wednesday, is a chunky 6.3 percent larger than the plane maker's previous estimate. Boeing said it reflected a firm belief in China's prospects.

"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.

"China's fleet size is expected to grow at a pace well above the world average, and almost 20 percent of global new airplane demand will be from airlines based in China," Tinseth added.

Boeing sees the need for 5,420 new single-aisle airplanes through 2036, accounting for three-quarters of total deliveries. For wide-body planes, Boeing forecasts China will require 1,670 new airplanes over the same time period.

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.

And worldwide, Boeing projects the need for 41,030 new commercial airplanes over the next 20 years valued at $6.1 trillion dollars.