Boeing Projects China as World's Fastest-Growing Aviation MarketChina Requires New Airplanes Valued at $390 Billion
BEIJING, Oct. 29, 2008 -- The Boeing Company [NYSE: BA] detailed its 2008 Current Market Outlook (CMO) for the China region today, forecasting a market for 3,710 new airplanes worth about $390 billion over the next 20 years.
"China will continue to be the fastest-growing aviation center in the world, requiring 41 percent of the entire Asia-Pacific region airplane demand. This makes China the largest market outside of the U.S. for new commercial airplanes," said Randy Tinseth, Boeing Commercial Airplanes vice president - Marketing.
China air travel and air cargo market growth will cause China's fleet to more than triple to 4,560 airplanes by 2027-about as many airplanes as are in Europe today.
Single-aisle airplanes will account for 70 percent of the new purchases, driven by the world's fast-growing domestic market. Single-aisle airplanes such as the Boeing Next-Generation 737 will be the largest category, with 2,600 new airplane deliveries. Demand for intermediate twin-aisles, such as the Boeing 787 Dreamliner and 777, will result in approximately 780 airplane deliveries. When combined, the single-aisle and intermediate twin-aisle market will make up 91 percent of China's total delivery dollars.
Demand will include a limited number of large airplanes (747-size and larger) to connect China with other major world destinations. The market forecast calls for about 100 airplanes in that category.
With China's cargo markets leading the global industry, Chinese air carriers will add about 370 freighter airplanes by 2027, quadrupling its total freighter fleet size.
The Boeing 2008 forecast combines today's market environment with a long-term view that portrays how air transport will be transformed over the next 20 years. It's an outlook that indicates continued strong fundamentals underlying the need for new airplanes-including economic growth, world trade, aviation market liberalization and new aircraft capabilities.
The detailed study enables Boeing to better work with airlines in supporting their fleet plans in conjunction with their future economic growth. The outlook facilitates Boeing's strategic plans to drive the development of new airplanes and the improvement of existing models.
Worldwide, Boeing projects investments of $3.2 trillion for 29,400 new commercial airplanes to be delivered during the next 20 years. The complete forecast is available on the Boeing Web site at www.boeing.com/commercial/cmo/index.html.
