BEIJING: September 13, 2016. Boeing says Chinese airlines will buy 6,810 new airplanes at a book value of US$1.025 trillion in the next two decades.
Driven by the country's growing e-commerce business – already the largest in the world – the air cargo sector is expected to need 180 new freighters and 410 converted freighters during the period.
"As China transitions to a more consumer-based economy, aviation will play a key role in its economic development," said Randy Tinseth, vice president of Marketing for Boeing Commercial Airplanes. "Because travel and transportation are key services, we expect to see passenger traffic grow 6.4 percent annually in China over the next 20 years."
Boeing predicts China will need 5,110 new single-aisle airplanes through 2035, accounting for 75 percent of the total new deliveries. The manufacturer says the country's widebody fleet will triple in size, requiring 1,560 new airplanes as customers shift from very large to small and medium widebody aircraft.
China's single-aisle fleet accounts for nearly 18 percent of the global industry total although its widebody fleet represents just 5.0 percent.
"The continuing expansion of China's middle class, coupled with new visa policies and a wide range of widebody airplanes with new technologies, capabilities and efficiencies, gives us every reason to expect a very bright future for China's long-haul market," added Tinseth.
More than 50 percent of all commercial aircraft operating in China are Boeings and over 9,000 fly worldwide with integrated China-built parts and assemblies, according to the manufacturer.
The company says it expects the world's airlines to buy 39,620 new commercial aircraft in the next 20 years at a book value of US$5.9 trillion.