BEIJING — China will become the world’s first aviation market to exceed $1 trillion in value in 20 years, US airplane giant Boeing forecast on Sept 13.
It projected a demand for 6,810 new airplanes in the country over the next two decades, estimating the total value of the new aircraft at $1.025 trillion.
“As China transitions to a more consumer-based economy, aviation will play a key role in its economic development,” Randy Tinseth, vice president of marketing with Boeing Commercial Airplanes, was quoted as saying in a company statement.
With travel and transportation becoming key services, passenger traffic is expected to grow 6.4 percent annually in China over the coming 20 years, he said.
China will need 5,110 new single-aisle airplanes through 2035, accounting for 75 percent of the total new deliveries, according to the statement.
Driven by China’s growing e-commerce business, air cargo is expected to become a key driver for the continuous growth of aviation in the country, with a need for 180 new freighters and 410 converted freighters in the future, said the statement.
Globally, Boeing predicted investment of $5.9 trillion for 39,620 new commercial airplanes to be delivered during the next 20 years, with China accounting for 17 percent of the total in both value and number.