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Even as China struggles with the slowest pace of economic growth in years, Boeing is forecasting that the country’s aircraft fleet will almost triple by 2034.
In its annual China Current Market Outlook released in Beijing on Tuesday, the American aircraft manufacturer projected a demand for 6,330 new airplanes worth $950 billion over the next 20 years.
“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 at 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.”
Boeing projected that the main growth would be in the single-aisle airplane (left) sector with a demand for 4,630 aircraft while the widebody (below) segment will require 1,510 new airplanes.
Boeing also noted that Chinese airlines have more than doubled their long-haul international capacity over the past three years.
“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.
Images are courtesy of Boeing.