Boeing: China will need more than 5000 new aircraft by 2031

Boeing projected (05-Sep-2012) China will need 5260 new commercial aircraft, valued at USD670 billion over the next 20 years. China is forecast to be the second largest market for new commercial aircraft, after North America. Boeing stated sustained strong economic growth, growing trade activities and increasing personal wealth are some of the driving forces for the Chinese market. Travellers also care about increased connectivity, efficiency and lower prices. Boeing expects Chinese carriers to experience rapid international expansion over the next 20 years, with an average annual increase rate of 8.9%. The expansion of the Chinese market has also "unleashed pent-up demand for broader international travel". Over 75% of the demand in China will be for growth instead of replacement. Forecast highlights:

• Regional jets: 310, 6% of market by size;
• Narrowbodies: 3650 new deliveries. 69% of market by size;
• Widebodies: 1190 new deliveries. 23% of market by size, 48% of market by value;
• Very large aircraft: 110 new deliveries. 2% of market by size. [more - original PR]