Aircraft maker Boeing has forecast a demand for over 5,580 new airplanes in China in the next 20 years. The value of the aircraft required to fill the demand is estimated to be nearly $800 billion.
Boeing’s annual China Current Market Outlook expects the country’s aircraft fleet to triple in the next 20 years.
Boeing expects particularly strong demand for single-aisle planes such as the Boeing 737 Max and 737 Next Generation due to the expected growth in the tourism sector in China and the rest of Asia.
In total, it forecasts demand for 3,900 single-aisle planes, 1,440 long-haul wide-body aircraft and 240 regional jets by 2032.
Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes was quoted in the official press release as stating that Boeing projects air traffic in China to increase at approximately 7 percent annually. This is due to China’s current strong economic growth and the increased availability of air travel.