Airbus and ATR updates their forcasts for Chinese market
Zhuhai - The Chinese airlines will need 7400 new jets and 1100 new turboprops over the next twenty years according to aircraft manufacturers Airbus and ATR.
At the China International Aviation & Aerospace Exhibition in Zhuhai, Airbus updated its forecasts for the Chinese market. According to the manufacturer, by 2037, China will need more than 7400 new passenger and cargo aircraft that is worth $1 trillion, more than 19% of global demand.
In the narrow-body segment, where most current single-aisle aircraft such as Airbus A320neo and Boeing 737 MAX compete, 6180 new aircraft will be needed.
In the wide-body segment, which generally reflects the high-capacity, long-range operations, Airbus predicts demand for 1220 aircraft.
According to Airbus' Chief Commercial Officer Christian Scherer, China is one of the leading drivers of the global air transport growth and will become the world's largest aviation market very soon.
Airbus' market share in China has steadily increased and continues to grow with our next-generation products. The total value of our cooperation with China's aviation sector will reach $1 billion by 2020,said Scherer.
Airbus estimates that the demand for air travel in China will be tripled by 2037. The growing middle class of China will be the primary driver of future growth. The domestic traffic in China has quadrupled over the past ten years with growth rates in double figures. The average annual growth rate of all international traffic to and from mainland China is expected to be 6.3%, more than the global average.
ATR, for its part, estimates the Chinese aviation market will require 1,100 new turboprop aircraft over the next 20 years, for an amount of over $ 25.6 billion.
While the turboprop fleets of Chinese carriers have experienced robust growth since 1998, regional aviation remains significantly underdeveloped. Regional aircraft currently account for just 2% of the total fleet in China, compared with a global average of 25%. New turboprops will be needed to meet the growing regional air travel demand in China.