Boeing forecasts consistent growth for the Chinese aviation market over the next 20 years, as it sees further “evolution of its airline business models”.
Boeing anticipates that Chinese airlines will be in need of 8,700 new aircraft valued at $1.47 trillion by 2040, according to the company’s 2021 Commercial Market Outlook (CMO). Narrow-body jets will total nearly 6,500 new aircraft deliveries, while widebody aircraft will account for 1,850 deliveries.
“Widebody demand in China is expected to be 20% of global deliveries,” read Boeing’s statement dated September 21, 2021.
The demand for new aircraft will be driven by the anticipated air traffic increase in China. According to Boeing, China’s domestic passenger market will exceed intra-European traffic by 2030, and North America’s internal traffic by 2040.
“The rapid recovery of Chinese domestic traffic during the pandemic speaks to the market’s underlying strength and resilience,” said Richard Wynne, managing director, China Marketing, Boeing Commercial Airplanes.
The Boeing’s Commercial Market Outlook also forecasts that China’s commercial aviation industry will be in need of more than 400,000 new aviation staff by 2040, including pilots, cabin crew, and technicians.