Friday, April 12, 2024

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BusinessWorld

Boeing has increased their forecast for China’s demand for new planes over the next 20 years to 8,560.


Boeing raised its prediction for the number of new aircraft expected to be delivered to China over the next 20 years, citing the country’s growing economy and rising demand for domestic air travel.

According to the latest forecast from the American aircraft manufacturer, Chinese airlines will require 8,560 new commercial planes by 2042, which is an increase from the previous estimate of 8,485 made last year.

In June, the company expressed continued optimism for China, stating that it would account for 20% of the worldwide air travel market.

Despite the passage of over four years, Boeing has yet to resume providing Chinese airlines with their top-selling 737 MAX aircraft. This delay follows two tragic crashes and has resulted in a lack of new orders from Chinese carriers since 2017.

Boeing announced that China’s fleet is expected to grow significantly to almost 9,600 aircraft within the next two decades. Additionally, China’s domestic aviation market is projected to become the largest in the world by the end of the forecast period. This growth will drive a demand for 6,470 single-aisle planes, including the Boeing 737 MAX family.

“According to Darren Hulst, vice president of commercial marketing at Boeing, domestic air travel in China has exceeded pre-pandemic levels and there is a gradual recovery in international travel.”

As China’s economy and transportation continue to expand, Boeing’s full range of commercial aircraft will have a significant impact in promoting sustainable and cost-effective growth.

In July, Boeing reported that they have approximately 85 MAX aircraft available for Chinese customers, and that 55 of the MAXs originally designated for Chinese airlines have been reassigned.

In April, Reuters stated that the Chinese aviation authority released a report that was considered an important milestone for Boeing to resume deliveries. However, no deliveries have resumed as of yet.