China to Become World’s Second Largest Airliner Market By 2030: Report
China is expected to become the world’s number two plane market as it will require 4,330 new commercial airplanes valued at $480 billion over the 20 years, Boeing projected on Tuesday.
According to Randy Tinseth, vice president of marketing for Boeing’s commercial aircraft division, China would become the second market after the United States after strong Chinese demand for single-aisle planes.
China is expected to unveil its own competitor for the single-aisle plane market, the Comac C919 from Commercial Aircraft Corp. of China, designed to compete against the 737 and the A320. The C919 is expected to be ordered by Air China and China Eastern.
Tinseth told reporters that Boeing is expecting strong demand for more fuel-efficient single-aisle airplanes in China, accounting the 71 percent of the total new aircraft to be ordered.
Tinseth said the Chicago-based company may redesign the 737 to compete with the C919 but a decision on whether to build a new 737 or update the plane with new engines is not near to be taken.
Boeing also projected on Tuesday that world air cargo traffic will expand at a 5.9 percent annual rate over the next two decades, with worldwide air freight traffic expected to triple through 2029.