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China to need $1 trillion worth of planes

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First ever trillion-dollar aviation market forecast
Boeing is projecting demand for 6,810 new planes in China over the next 20 years with a value of $1.025 trillion. The aircraft manufacturer made the forecast in its latest annual China Current Market Outlook, released yesterday in Beijing.
That makes China the first trillion-dollar aviation market in Boeing’s history of forecasts.
“As China transitions to a more consumer-based economy, aviation will play a key role in its economic development,” explained Randy Tinseth, Boeing Commercial Airplanes’ vice president of marketing.
“Because travel and transportation are key services, we expect to see passenger traffic grow 6.4% annually in China over the next 20 years.”
Boeing predicts China will need 5,110 new single-aisle planes up until 2035, accounting for 75% of the total new deliveries. Low-cost carriers and full-service airlines have been adding aircraft and expanding point-to-point services to cater for leisure and business travel demand from a rising middle class in China and throughout Asia.
Tinseth said the backlog from Chinese customers demonstrates that the new 737 MAX 8 and the current Next-Generation 737-800 are at the heart of the single-aisle market.
Boeing forecasts that the widebody fleet, meanwhile, will triple in size, requiring 1,560 new planes such as the 787, 777 and 777X. It says that this year’s forecast reflects a continued shift from very large aircraft to more efficient small and widebody planes.
TTG Nordic

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