Boeing projects a demand for 5,580 new airplanes in China over the next 20 years valued at $780 billion. The company's annual China Current Market Outlook forecasts the country's fleet to triple in size over the next two decades. China accounts for approximately 16% of the total global demand in terms of both new deliveries and market value.
"Thanks to strong economic growth and increased access to air travel, we project China traffic to grow at nearly 7% each year," says Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "China is a key market for Boeing. Our current and future products will allow our customers to meet the growing demand with the most efficient airplanes."
Tourism in China and intra-Asia travel will help spur a strong demand for single-aisle airplanes, with total deliveries in that segment reaching 3,900 through 2032.
Long-haul international traffic to and from China is forecasted to grow at an annual rate of 7.2%. The international growth is primarily driven by anticipated passenger traffic between China and North America, Europe, the Middle East, Oceania, and Africa. This growth in the long-haul segment is expected to result in demand for an additional 1,440 new fuel-efficient widebody jets.
"To compete in the long-haul international market, our Chinese customers are focused on growing their international networks, increasing their capacity and building resources," says Tinseth. "These trends will shape market demand for airplanes that have high efficiency, low operating costs, environmentally progressive technologies, and a great passenger experience.
Boeing projects investments of $4.8 trillion worldwide for more than 35,000 new commercial airplanes to be delivered during the next 20 years.
More than 50% of all the commercial jetliners operating in China are Boeing airplanes. Some 7,000 Boeing airplanes fly throughout the world with integrated China-built parts and assemblies, the company reports.