Boeing’s new forecast predicts China will take delivery of 45 percent of the demand for airplanes in the Asia Pacific region over the next two decades.
Boeing, in its annual China Current Market Outlook, said it expects demand in China to total 6,020 airplanes over the next 20 years, and the total value of the aircraft is pegged at $870 billion.
Worldwide, Boeing projects investments of $5.2 trillion for 36,770 new commercial airplanes over the same time period.
“China’s aviation market is going through dynamic changes,” Randy Tinseth, Boeing Commercial Airplanes vice president of marketing, said in a statement. “New business models like low-cost carriers and airplane leasing companies, a new generation of fuel-efficient airplanes and evolving consumer needs are driving demand for more direct flights to more destinations.”
The emergence of start-up airlines and low-cost carriers stimulates traffic and allows more people to fly, the forecast said.
Tourism in China and intra-Asia travel support a strong demand for single-aisle commercial planes, with total deliveries reaching 4,340 through 2033, the forecast said.
The growth in the long-haul segment is expected to lead to demand for an additional 1,480 new fuel-efficient widebody planes, it said.
“This year’s forecast reflects a continued shift in demand from very large airplanes to efficient new small and medium widebody airplanes,” the forecast said.
To compete in the long-haul international market, Boeing’s Chinese customers are focused on evolving new business models, adding new destinations and increasing capacity and resources, Tinseth said.
“These trends will shape market demand for an airplane lineup that has high efficiency, low operating costs, environmentally progressive technologies and a great passenger experience,” he said.