China will approach the US in terms of the number of commercial airliners flying within the next 20 years, Boeing has predicted.
The aircraft manufacturer forecasts that China will require 4,330 new aircraft over the next two decades, making it a market triple its current size, second only to the US and worth $480 billion.
Boeing predicts around 70% of orders will be for single-aisle aircraft as the market for travel regionally, and especially domestically, grows rapidly.
Randy Tinseth, Boeing’s commercial airplanes marketing vice president, said: “We expect domestic passenger traffic for China to grow at a rate of 7.9 per cent on average. China is one of the world’s fastest growing and dynamic aviation markets, driven by the urbanization of China, the growth of its economy and ever-increasing personal wealth.”
Boeing forecasts that China will need almost 900 twin jet aircraft such as the 787 and 777, but that the market for four-engine types, including the 747 and the Airbus A380, will be limited to only around 70 aircraft.
Worldwide, Boeing projects investments of $3.6 trillion for 30,900 new commercial aircraft to be delivered during the next 20 years.