Boeing updates its outlook for new plane orders of Chinese Airlines by 2037
Seattle - Chinese airline operators will buy 7690 new aircraft that are worth of $1.2 trillion over the next 20 years to meet the increasing consumer and business demand for air travel, Boeing announced today on Tuesday, September 11 surpassing its previous outlook.
The American aircraft manufacturer's latest forecast for the period to 2037 from now on is 6.2 percent higher than its previous projection of 7240 aircraft until 2036 made last year.
The growth in China can be attributed to the country's growing middle class, which has more than tripled in the last ten years and is expected to double again in the next ten,said Randy Tinseth n a statement, the vice president of marketing at Boeing Commercial Airplanes.
Boeing also predicts that China alone will stand for 18 percent of the commercial aircraft fleet in the World by 2037 and the country will need a budget of around $1.5 trillion to support its fleet.
Three-quarters of the 7,690 new aircraft orders in the next 20 years will presumably be for single-aisle devices while 1620 widebody devices join the fleet in the same period, tripling the current widebody fleet size of the country.
Boeing and its European rival Airbus have been fighting to boost their market share in Asia-Pacific region, particularly in China, the world's fastest-growing commercial aviation market.
The American company has so far not been affected by the continuing trade war between the United States and China thanks to the large airplanes have been left out of China's reprisal tariff lists for now.