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China needs $1.3 trillion worth of new planes in 20 years, Boeing says

09/18/2019| 2:40:31 PM|

Chinese airlines will need to buy 8,090 new planes in the next 20 years, or about USD 1.3 trillion worth of aircraft, according to a report published by Boeing.

The nation will also need to spend about USD 1.6 trillion on air-related services as annual passenger traffic will grow at an average rate of 6 percent a year, the China Civil Aviation Administration said on Weibo, citing the report. The prediction for the value of air services required was 7 percent higher than its forecast last year.

China commands some 15 percent of the world's civil aviation fleet and this will increase to 18 percent by 2038, Boeing said, adding that China will become the world's largest aviation market within a decade.

Some 5,960 of the required planes will be single-aisle aircraft for regional routes, according to the report. Another 1,780 will be wide-body jets, tripling the size of China's existing fleet of larger planes.

The aviation service expenditure will include USD 935 billion on ground and cargo operations, USD 390 billion on maintenance and engineering, USD 200 billion on flight operations and USD 90 billion on marketing, customer support and corporate services, the report added.

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TAGS: Boeing | airlines | aircraft
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