China is expected to create a market of 2.7 trillion U.S. dollars from new aircraft purchasing and aviation service sectors over the next 20 years, said Boeing at its China market forecast in Beijing on Monday.
As the world's only trillion-dollar airplane market, China will need to purchase 7,690 new airplanes over the next 20 years, valued at 1.2 trillion U.S. dollars. Its expanding fleet will also require 1.5 trillion dollars worth of services, said Boeing at its new Commercial Market Outlook (CMO) for China.
"China is the most exciting and dynamic market in the world. The continuous growth in its economy and middle class sustains the country's upward civil aviation market," said Randy Tinseth, vice president of commercial marketing for the Boeing Company.
"Alongside the economic empowerment of China's middle class and the advancing technology making airplanes more capable and efficient, we are confident in the future of its commercial aviation," Tinseth said.
Boeing forecasts that single-aisle airplanes will continue to dominate demand, with three out of every four new airplane deliveries expected to be of that variety.
Demand for wide-body airplanes is expected to grow at an even faster rate as the number of airplanes that will be needed is three times the size of the current fleet.
Because China has the world's fastest growing e-commerce industry, demand for air-cargo freighters is also expected to expand exponentially, according to Tinseth.
"Besides the expansion fleet, it is also very impressive that China keeps focusing on its aviation safety and creating the best safety record worldwide," said Tinseth, adding that the aviation services market in China is promising.
Boeing forecasts that China will create a massive aviation services market, requiring more than 1.5 trillion dollars to support the expansion and safety operation of its fleet, making China one of the largest services markets in the world.
By the end of 2017, China had a civil fleet of 3,296 aircraft, according to the Civil Aviation Administration of China.
At the end of the year, Boeing delivered a record high of 202 airplanes to the Chinese market, representing about thirty percent of its global deliveries and its sixth consecutive years of delivering more than 140 airplanes to the market.
To date, around 9,000 Boeing commercial airplanes in-service around the world are assembled with parts which are made in China.