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.
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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.