9/17/2019, 7:07 AM (Source: TeleTrader)
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Boeing expects strong China demand over next 20 years

Boeing said it expects demand for new aircraft and services on the Chinese aviation market to rise over the next 20 years, the company's vice president of commercial marketing, Randy Tinseth, said on Tuesday, adding that traffic in the aviation sector is seen as increasing by 6% every year until 2038.

Chinese airlines will be looking to invest around $1.3 trillion in new aircraft for 8,090 new airplanes in the aforementioned period, he pointed out. Speaking in Beijing, Tinseth stated that China's demand will include mostly single-aisle airplanes, 5,960 of them, while the country's wide-body aircraft number is seen as rising by over 30% by 1,780 new wide-body airplanes. Furthermore, China has an aviation services market worth $1.6 trillion, according to Boeing, with investments expected in ground and cargo operation services, maintenance and engineering services, in-flight operation services as well as marketing, customer support and corporate services.

Earlier this month, China Airlines and Boeing announced a deal for six 777 Freighters worth $2.1 billion. China is seen as becoming the world's largest aviation market in the next three to six years, according to data from the International Air Transport Association (IATA). Currently, the United States holds the position.

Breaking the News / VP