Boeing Forecasts 20 Year Commercial Airplanes Market in China at Nearly $1.5 Trillion
Boeing’s 20 year Commercial Market Outlook (CMO) for China forecasts demand for 8,700 new commercial airplanes, with the commercial fleet expected to double by 2040. Widebody demand in China is expected to include 20 percent of global deliveries.
On Thursday (September 23, 2021) Boeing announced the 20-year China forecast as part of their 2021 Commercial Market Outlook (CMO) report. The company forecasts that China’s airlines will require 8,700 new commercial airplanes by 2040 valued at $1.47 trillion. Additionally, Boeing expects widebody demand in China to include 20 percent of global deliveries over the next two decades. The CMO also projects that China’s domestic market will exceed intra-European traffic by 2030 and North American domestic air traffic by 2040.
Boeing further forecasts that China’s civil aviation industry will require over 400,000 new aviation professionals by 2040, including pilots, technicians and cabin crew members. Boeing’s commitment to China includes training nearly 100,000 Chinese aviation professionals and employing over 2,500 personnel, while contributing $1.5 billion to the economy annually through their presence and partnerships in China.
In Thursday’s announcement, Boeing Commercial Airplanes’ Managing Director – China Marketing, Richard Wynne, said,
“The rapid recovery of Chinese domestic traffic during the pandemic speaks to the market’s underlying strength and resilience. In addition, there are promising opportunities to significantly expand international long-haul routes and air freight capacity. Longer term, there is the potential for low-cost carrier growth to further build on single-aisle demand.”
The 2021 China CMO projects annual passenger growth of 5.4%, with two-thirds of deliveries supporting China’s aviation growth and one-third for fleet replacement. The report also forecasts that single-aisle jets will account for nearly 6,500 deliveries, while widebodies (including passenger and cargo models) will total 1,850, accounting 44% of demand by value. Additionally, the CMO projects that a commercial aviation services market of nearly $1.8 trillion exists in the region.
Boeing (NYSE:BA) is the world’s largest aerospace company and leading supplier of commercial airplanes, defense, space and security systems, as well as global services. The aerospace giant tops the list of the largest U.S. exporters, providing a significant positive impact to America’s annual GDP. Boeing supports government and commercial customers in over 150 countries and employs more than 160,000 team members worldwide. As Boeing continues to deliver for customers, they are committed to their legacy of aerospace leadership in technology and innovation and will continue investing in their people for future growth.