Boeing projects a demand for 7,240 new airplanes in China over the next 20 years valued at nearly $1.1 trillion, with total airplane demand rising 6.3 percent over last year's forecast.
Randy Tinseth, vice president of marketing with Boeing Commercial Airplanes, attributed the growth to China's continuous economic growth, significant investment in infrastructure, growing middle class and evolving airline business models.
He said China's fleet size is expected to grow at a pace well above the world average, and almost 20 percent of global new airplane demand will be from airlines based in China.
A forecast report, which was released by Boeing on Wednesday, said single-aisle airplanes continue to be the foundation of domestic and regional fleets in China, as Boeing sees the need for 5,420 new single-aisle airplanes through 2036, accounting for 75 percent of the total new deliveries.
Full-service airlines and low-cost carriers have been adding new single-aisle airplanes and expanding new point-to-point services to cater for both leisure and business travel demand in China and throughout Asia.
Tinseth said the backlog from Chinese customers demonstrates that the new 737 MAX 8 remains at the heart of the single-aisle market.
Boeing forecasts the wide-body fleet over the next 20 years will require 1,670 new airplanes.
Airlines continue to shift to small and medium wide-body airplanes for long-haul expansion and flexibility.
Going forward, primary demand for very large wide-body planes will be in the freighter market.
Tinseth said China's outbound travel market continues its rapid growth toward 200 million passengers annually, and the 787 and 777X families will play a key role in supporting the growth of the country's long-haul market.
