Industries > Manufacturing

Boeing forecasts strong growth in China's aviation market

2020-11-13 10:11

Already collect

SAN FRANCISCO, Nov. 11 (Xinhua) -- Boeing forecast Wednesday that China will acquire 8,600 new airplanes valued at 1.4 trillion U.S. dollars in the next 20 years, with commercial aviation services valued at 1.7 trillion dollars, following a robust post-COVID-19 recovery.

Boeing gave this outlook in an annual China market forecast, part of its 2020 Commercial Market Outlook (CMO), based on anticipated rising demands for commercial airplanes and services.

China's growing middle class, steady economic growth and flourishing urbanization are all factors considered in the Boeing report, suggesting the country will lead in passenger travel industry globally in coming years.

Since 2000, China's commercial jet fleet has expanded sevenfold, and approximately 25 percent of all aviation growth worldwide over the last decade came from China. Boeing predict this trend will continue in the next 20 years.

"While COVID-19 has severely impacted every passenger market worldwide, China's fundamental growth drivers remain resilient and robust," said Richard Wynne, managing director of China Marketing of Boeing Commercial Airplanes.

"Not only has China's recovery from COVID-19 outpaced the rest of the world, but also continued government investments toward improving and expanding its transportation infrastructure, large regional traffic flows, and a flourishing domestic market mean this region of the world will thrive," he added.

Despite the challenges imposed by the pandemic, China's projected airplane and services market represents a nearly 7 percent increase from last year's 20-year CMO forecast.

Boeing also anticipates growth in Chinese demand for new and converted freighters and digital solutions to help carriers further innovate and succeed.
Add comments

Latest comments

Latest News
News Most Viewed