Boeing Forecasts China Will Need 5,260 New Aircraft by 2031

Boeing projects that China will need 5,260 new commercial aircraft valued at $670 billion over the next 20 years making it potentially the second largest market for new commercial aircraft.
“It’s impressive that over 75% of the demand in China will be for growth instead of replacement,” said Randy Tinseth, Boeing Commercial Airplanes Vice President of Marketing.
“Sustained strong economic growth, growing trade activities and increasing personal wealth are some of the driving forces.  Travellers also care about increased connectivity, efficiency and lower prices.”
Boeing predicts that small and intermediate twin-aisles, such as its Boeing 787 Dreamliner and 777, will account for a significant part of future deliveries and says that these aircraft are expected to be the highest value segment, making up 48% of the market in value with some 1,190 new deliveries anticipated.
The aircraft manufacturer also says that the expansion of the Chinese market has also “unleashed pent-up demand for broader international travel”.
“We expect Chinese carriers to experience rapid international expansion over the next 20 years, with an annual increase rate of 8.9% on average.  That’s not only because the market demand is growing, but because Chinese carriers now have the capability and resources to compete in the tough long-haul international market,” Mr Tinseth added.
The company believes that tourism in China will also help fuel a strong demand for single-aisle aircraft, with total deliveries of single-aisle types reaching 3,650 by 2031.
Mr Tinseth said the new 737 MAX family will allow Boeing “to continue to deliver the most fuel-efficient, capable airplane with the lowest operating costs in the single-aisle market.”
Worldwide, Boeing projects investments of $4.5 trillion for 34,000 new commercial airplanes to be delivered during the next 20 years.
The complete forecast is available at www.boeing.com/commercial/cmo/index.html