Boeing

Boeing raised its forecast for aircraft demand in China

Summary

Boeing raises China plane forecast by 6.2 percent, delivers 64 aircraft in August Description video: CNBC’s Phil LeBeau reports on how Boeing is doing after supply chain issues last month. Boeing raised its forecast for aircraft demand in China Boeing […]

Boeing raises China plane forecast by 6.2 percent, delivers 64 aircraft in August

Description video:
CNBC’s Phil LeBeau reports on how Boeing is doing after supply chain issues last month.

Boeing raised its forecast for aircraft demand in China

Boeing Co has raised its forecast for aircraft demand in China for the next 20 years. The park is expected to grow more slowly than last year.

Boeing raised its forecast for aircraft demand in China

Chinese carriers will need 8,090 new aircraft by 2038, up 5.2% from last year’s Boeing forecast. Based on current prices, the total cost of aircraft will be almost $ 1.3 trillion.

Last year, Boeing predicted a 6.2% rise in demand for new aircraft in the country to 7,690 aircraft through 2037..

«A growing middle class, significant investment in infrastructure, and advanced technologies that make aircraft more efficient continue to drive huge demand for air travel», – said Randy Tinset, vice president of commercial marketing at Boeing.

Boeing and its European rival Airbus have fought to increase market share in China, the fastest growing aviation market in the world. The factories of both of the aforementioned aircraft designers will soon be opened in the Middle Kingdom.

It is worth noting that global flight cancellations on Boeing 737 MAX after two fatal accidents has limited the ability of Chinese airlines to expand capacity, while weak travel demand reduces passenger traffic amid economic slowdown.

Boeing projects a need for 5,960 new single-seat aircraft over the next 20 years, representing 74% of total new shipments. China’s wide-body fleet will need 1,780 new aircraft, tripling the country’s current wide-body fleet.

China will also need about $ 1.6 trillion in commercial services for its aircraft fleet during this period..