China: Boeing Sees Demand for 6,330 Airplanes Valued at Nearly $1 Trillion
Beijing, Aug. 25, 2015: Boeing, China’s leading provider of commercial airplanes, today projected a demand in the country for 6,330 new airplanes over the next 20 years. Boeing released its annual China Current Market Outlook (CMO) today in Beijing, estimating the total value of those new airplanes at $950 billion.
“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, 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 aviation market is incredibly dynamic, from its leading airlines to its startups and low-cost carriers,” said Ihssane Mounir, vice president of Sales and Marketing for Northeast Asia, Boeing Commercial Airplanes.
Chinese fleet with need for 4,630 single-aisle airplanes
As China becomes the world’s largest domestic air travel market, Boeing is forecasting demand for 4,630 single-aisle airplanes through 2034. This sector is driven by growth in new carriers and low-cost airlines in developing and emerging markets, as well as continuous expansion in established airlines. In fact, the efficiency and flexibility of single-aisle aircraft like the 737 helps Chinese carriers connect and stimulate growth along the Economic Belt as part of the One Belt, One Road Strategy.
China’s low-cost carriers are currently responsible for about 8 percent of single-aisle market demand, rising to 25-30 percent of demand by 2034, Tinseth noted. “The 737 MAX 200 will have the lowest fuel costs – 20 percent per seat – versus today’s most efficient single-aisle airplanes,” Tinseth said. “737 MAX fuel efficiency and the 737’s position as the industry’s most reliable airplane offer Chinese low-cost carriers competitive advantages as they grow new business.”
Chinese airlines have more than doubled their long-haul fleet
Boeing forecasts that the widebody segment will require 1,510 new airplanes, led by small and medium widebody airplanes such as the 777-300ER (Extended Range), 777X and the 787 Dreamliner. Tinseth stressed that Chinese airlines have more than doubled their long-haul international capacity over the past three years, in large part following the delivery of 747-8 Intercontinental airplanes to Air China and 777-300ERs and 787s to several leading Chinese carriers. “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.
|Forecast: New Airplane Deliveries to China: 2015-2034|
|Airplane type||Seats||Total deliveries||Dollar value|
|Regional jets||90 and below||190||$10B|
|Large wide-body||400 and above||50||$20B|
(16.6% of world total)
(17% of world total)
Worldwide, Boeing projects investments of $5.6 trillion for 38,050 new commercial airplanes to be delivered during the next 20 years. The complete global forecast is available at www.boeing.com/cmo.
Today, Boeing jets are the mainstay of China’s air travel and cargo system. More than 50 percent of all the commercial jetliners operating in China are Boeing airplanes. Over 8,000 Boeing airplanes fly throughout the world with integrated China-built parts and assemblies. China has a component role on every current Boeing commercial airplane model – the Next-Generation 737, 747, 767, 777, as well as the world’s newest and most innovative airplane, the 787 Dreamliner. For more information on the China forecast, please visit: