Boeing sees 5% lift in China’s jet need
Print Edition
BOEING Co yesterday raised its forecast for China’s aircraft demand over the next 20 years, saying it was optimistic about the long-term outlook for the world’s second-largest aviation market despite a slowing economy and weak stock market.
The US plane maker expects China will need 6,330 aircraft over the next 20 years, a 5 percent rise from last year’s two-decade estimate. It valued the aircraft demand at US$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,” Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes, said in Beijing.
Boeing estimates that China’s commercial airplane fleet will nearly triple over the next 20 years, from 2,570 aircraft in 2014 to 7,210 aircraft in 2034.
By that time, Tinseth said, China will be the world’s largest domestic air travel market. “We’ve really seen no slowing in the trajectory of traffic here in China,” he added.
Both Boeing and rival Airbus Group are relying on China to fuel growth in their order books.
Airbus, which claims a 50 percent market share with more than 1,180 aircraft in operation with Chinese airlines, in July announced plans to set up a completion and delivery center for its A330 jets in Tianjin, a crucial build out of its assembly facility now in operation.
Boeing estimated China will buy 4,630 single-aisle aircraft during the 20-year period, driven partly by the growth of new carriers and low-cost airlines.
Additional demand for 1,510 wide-body airplanes, including 50 large wide-body aircraft, will come as larger numbers of Chinese middle-class tourists travel overseas on long-haul flights, Boeing said.
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