Boeing Pegs China 20-Year Demand Forecast To 8,560 New Planes Due To Robust Demand

Boeing Co BA has anticipated that China will require 8,560 new commercial airplanes through 2042.

The company arrived at the figure considering the possible economic growth well above the global average and increasing demand for domestic air travel. 

According to Boeing's Commercial Market Outlook (CMO), China's commercial airliner fleet will more than double to nearly 9,600 jets over the next 20 years.

The CMO said the country will account for one-fifth of the world's airplane deliveries in the next two decades.

Also, China's domestic aviation market is expected to be the largest in the world by the end of the forecast period and will garner demand for 6,470 single-aisle airplanes such as the Boeing 737 MAX family.

"As China's economy and traffic continue to grow, Boeing's complete line-up of commercial jets will play a key role in helping meet that growth sustainably and economically," said Darren Hulst, Boeing vice president, Commercial Marketing.

Boeing said China's commercial fleet will generate demand for $675 billion in aviation services, including maintenance, repair, training and spare parts.

2023 marks the 50th year of Boeing airplanes' service in China.

Also Read: Boeing Delivers Decline In August Hit By Manufacturing Issues

Price Action: BA shares closed lower by 0.31% at $204.48 on Tuesday.