Sun, Sep 08, 2024
Boeing’s Commercial Market Outlook Analysis Sees Industry Expansion, Modernization
According to Boeing’s latest Commercial Market Outlook (CMO) for China, the forecast of demand for aircraft will more than double by 2043.
The analysis predicts that over the next twenty years, air transport for combined passenger and cargo within the country will grow at an annual rate of 5.2% to create the world's largest market for air traffic. The demand for new aircraft will be approximately 8,800 during that time. About 60% of those will be to meet the growth while at the same time, China’s replacement of older jets with newer and more fuel-efficient planes will account for about 40% of the total demand.
The CMO forecasts that air travel within China will drive the growth of single-aisle aircraft which account for more than 75% of deliveries. China will also have the largest widebody fleet, requiring more than 1,500 new widebody airplanes. With demand driven by e-commerce, the fleet of freight aircraft will almost triple.
The number of aircraft are forecast as follows:
- Regional: 365
- Single-aisle: 6,720
- Widebody: 1,575
- Freighter: 170
- Total: 8,830
For more than 50 years, Boeing aircraft have comprised the majority of the civil passenger and cargo aircraft in China. At the same time, more than 10,000 Boeing aircraft are flying with parts made in China, making the company the largest customer of China’s aviation manufacturing industry. In fact, Boeing business activities in China account for over $1.5 billion annually in direct support of China’s economy. This figure includes operations, training, development investment, joint ventures, and suppliers.
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