In a recent report, Boeing has raised its long-term demand forecast for commercial airliners in China. The aviation manufacturing giant predicts that the number of commercial airplanes in the country will more than double over the next 20 years, driven by the fast-growing domestic travel sector.
According to Boeing’s annual Commercial Market Outlook, China will require 8,560 new commercial airplanes by 2042, slightly higher than last year’s projection of 8,485 planes. The country’s commercial fleet is expected to expand to nearly 9,600 jets during this period, generating a demand of $675 billion for aviation services, including maintenance and training. This growth will also create a need for 433,000 new personnel, including 134,000 pilots.
Boeing’s optimistic forecast comes as a positive sign for the Chinese economy, which has experienced a slowdown in recent times. Despite the impact of the pandemic, the company believes that China’s growing economy will drive an increase in domestic air travel as well as freight, particularly benefiting from the e-commerce sector’s continued strength. This projection is favorable for Chinese tech giants like Alibaba and JD.com, whose online retail businesses were also affected by China’s economic challenges.
Darren Hulst, Boeing’s vice president of commercial marketing, commented on the forecast, stating, “Domestic air traffic in China has already surpassed pre-pandemic levels, and international traffic is recovering steadily. As China’s economy and traffic continue to grow, Boeing’s complete lineup of commercial jets will play a key role in meeting that growth sustainably and economically.”
Overall, Boeing’s raised forecast indicates significant opportunities for growth in China’s commercial aviation industry.