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            january 19, 2020

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China to become 'first trillion-dollar market' for Boeing


Boeing has projected a demand for 6,810 new airliners in China over the next 20 years, making it the first trillion dollar aviation market.
This is according to Boeing's annual China Current Market Outlook (CMO), which estimates the value of new aircraft at US$1.025 trillion.
That forecast is nearly twice the prediction made 10 years ago and shows the US-based commercial plane maker has strong confidence in the Chinese market, reports Beijing's Global Times.
The report said 75 per cent of the demand will be for single-aisle planes such as the 737 family, as low-cost carriers and full-service airlines have been adding planes and expanding new point-to-point services to meet the demand for both leisure and business travel.
As for wide-body aircraft, the fleet will triple in size, requiring 1,560 new planes such as the 787, 777 and 777X models, due to the demand from Chinese airlines that are busy exploring international routes.
"As China transitions to a more consumer-based economy, aviation will play a key role in its economic development," Boeing vice president Randy Tinseth told a press conference.
He said the company expects to see passenger traffic grow 6.4 per cent annually in China over the next 20 years.
Currently, the single-aisle fleet in China accounts for about 18 per cent of global single-aisle aircraft, but China's wide-body fleet only represents about five per cent of the global widebody segment.
The continuing expansion of China's middle class, new visa policies and a wide range of widebody planes with new technologies, capabilities and efficiencies gives Boeing confidence in the Chinese aviation market, said Mr Tinseth.
In addition, air cargo is expected to be a key driver for the growing market in China. From 2010 to 2015, the average annual growth rates for cargo were 55 per cent in volume and 39 per cent in revenue. The need could be for 180 new freighters and 410 converted freighters within the next 20 years.
According to Civil Aviation Data Analysis, carriers in the Chinese mainland introduced 38 aircraft in August this year, of which there were 14 Boeing 737-800s. Also, SF Express purchased two new 737 freighters.
Chinese airlines together comprise Boeing's largest customer, representing 25 per cent of Boeing deliveries over the past three years.

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