Asia > Eastern Asia > China > China to buy over $1tn worth of planes by 2036 as economy expands – Boeing

China: China to buy over $1tn worth of planes by 2036 as economy expands – Boeing

2017/09/07

Economic increase in China has spurred an increasing request for aircraft, says Boeing. The US airplane maker has updated China's purchasing estimate to $1.1 trillion in the next two decades.

Boeing estimates China will buy 7,240 aircraft by 2036, 6.3 % higher than the US company’s previous prediction of 6,810 planes last year.

China’s continuous economic increase, significant investment in infrastructure, growing middle-class and evolving airline business models support this long-term outlook,” said Randy Tinseth, Boeing Commercial Airplanes vice president of marketing.

China’s fleet size is expected to grow at a pace well above the world average, and almost 20 % of world new airplane request will be from airlines based in China,” he added.

China accounts for almost 11 % of Boeing’s revenue, according to Bloomberg.

About 75 % of the new aircraft will be single-aisle, as request for travel within China and throughout Asia grows.

Boeing and its rival Airbus are fighting to increase their share of the fastest-growing market in the world.

According to the International Air Transport Association (IATA), China will overtake the United States as the world's major aviation market by passengers by 2024.

Both firms have made critical profits in China, as local airlines expanded their fleets aggressively.

Separately, China is developing its own civil aircraft. China’s twin-engine Comac C919, which can carry up to 158 passengers and has a range of 4,075km. A longer-range version can fly up to 5,555km. The plane had its maiden flight in Shanghai this May. Comac says it has additional than 600 orders from Chinese carriers.

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