Economy

Boeing raises forecast for China's demand of new airplanes

Boeing raises forecast for China's demand of new airplanes”

Boeing estimates China will buy 7,240 aircraft by 2036, 6.3 percent higher than the United States company's previous prediction of 6,810 planes past year.

"We believe the Chinese carriers will carry more and more passengers to and from China so that they will grow their market share and as a result their fleet will expand", Tinseth said.

Boeing (NYSE:BA) predicts Chinese airlines will buy more than 7,000 planes worth almost $1.1T over the next 20 years, as they increase their fleets to meet growing demand for domestic and worldwide travel.

"China's continuous economic growth, significant investment in infrastructure, growing middle class and evolving airline business models support this long-term outlook", said Randy Tinseth, vice president of Marketing at Boeing Commercial Airplanes.

Boeing sees the need for 5,420 new single-aisle airplanes through 2036, accounting for three-quarters of total deliveries.

"We are a bit more optimistic now in terms of economic growth compared to past year", said Tinseth, adding that a pick up in the cargo market and stronger-than-expected growth in airline expansion have been the main drivers for the revised forecast.

More news: Kenyan opposition leader rejects new presidential election, demands 'guarantees' against fraud

The world's second largest economy's outbound travel market has been growing at breakneck speed in recent years. Boeing said it reflected a firm belief in China's prospects. "That's now about 40 per cent of the size of U.S. domestic market".

More than 50 percent of all the commercial jetliners operating in China are Boeing airplanes, according to Boeing. The US airplane maker has updated China's purchasing forecast to $1.1 trillion in the next two decades.

Economic growth in China has spurred an increasing demand for aircraft, says Boeing.

"The entire size of single-aisle market is approaching 30,000 aircraft - that's big enough for Boeing to grow, it's big enough for Airbus to grow, and it's big enough for a third competitor".

China itself is likely to join the race in the next 20 years to supply passenger jets, with Commercial Aircraft Corp. of China having conducted the maiden test flight for its C919 narrowbody jet in May.



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