Boeing forecast: China first trillion-dollar airplane market

Boeing is betting China will be the world’s first $1 trillion airplane market.

Boeing released its China Current Market Outlook on Tuesday in Beijing, forecasting that demand for new commercial airplanes there will reach $1.025 trillion in the next 20 years.

“As China transitions to a more consumer-based economy, aviation will play a key role in its economic development,” Randy Kinseth, Boeing Commercial Airplanes marketing vice president, said in a news release. “Because travel and transportation are key services, we expect to see passenger traffic.”

Boeing’s forecast said China will need 5,110 new narrowbody jets through 2035, accounting for three-quarters of the 6,810 new commercial airplanes there.

Boeing said China will need 1,560 widebody jets and 140 regional jets – 90 seats and less – over that period.

During the two-decade period, Boeing forecasts annual passenger traffic growth of 6.4 percent in China.

This story was originally published September 13, 2016 at 10:38 AM with the headline "Boeing forecast: China first trillion-dollar airplane market."