China will need US$1.1 trillion in planes over next 20 years, says Boeing
Domestic air travel market set to become world’s largest
Boeing has raised its 20-year forecast for Chinese aircraft demand to 7,240 from 6,810 last September, as China’s economic growth and expanding middle class continue to fuel the industry. The new planes would be valued at nearly US$1.1 trillion, according to Boeing estimates.
Within the next 20 years, China’s share of the world fleet is expected to grow from 14% to 17%, and its domestic air travel market to become the worlds largest:
The middle class in China has more than tripled in the past 10 years and is expected to double in the next 10. The continued growth of that segment is expected to propel them to be the largest domestic air travel markets in the world in the next 20 years.
In the domestic market, point-to-point travel has been the fastest growing segment in the last five years, with 17 percent growth annually. China is also a driving force of regional traffic with more than 55 percent share of all flights between China and the rest of Asia.