While concerns about China’s economy contributed to massive sell offs in U.S. stock exchanges on Monday, Boeing increased its outlook for that country’s demand for new airplanes over the next 20 years.
Boeing now sees demand in China for 6,330 airplanes worth an estimated $1 trillion in current dollars.
“Despite the current volatility in China’s financial market, we see strong growth in the country’s aviation sector over the long term,” said Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes. “Over the next 20 years, China’s commercial airplane fleet will nearly triple: from 2,570 airplanes in 2014 to 7,210 airplanes in 2034, with more than 70 percent of these deliveries accommodating growth.”
China’s commercial air travel industry is booming. New carriers, low-cost airlines and established legacy carriers are all expanding.
The country is expected to need 1,510 new twin-aisle airplanes, mostly smaller to medium widebody planes.
Chinese airlines have more than doubled their long-haul international capacity in the past three years, Tinseth said.
“Enabled by China’s growing middle-class population, new visa policies and the underlying strength of its economic growth, this expansion is expected to continue, and in fact accelerate,” Tinseth said. “The 777, 787 and 747-8 are perfectly positioned to support Chinese airlines’ continued globalization.”
Dan Catchpole: 425-339-3454; firstname.lastname@example.org; Twitter: @dcatchpole.