Tuesday, August 27, 2024 Boeing has released its 2024 Commercial Market Outlook (CMO) for China, projecting that the country’s commercial airplane fleet will more than double by 2043. This significant growth is driven by China’s expanding aviation industry, which aims to meet the increasing demand for passenger and cargo air travel. According to the forecast, air travel in mainland China is expected to grow at an annual rate of 5.
2%, making it the largest traffic market in the world. Over the next two decades, China will require 8,830 new aircraft, with approximately 60% of these to support fleet growth and 40% to replace older, less fuel-efficient jets. Key Insights from Boeing’s 2024 China CMO Darren Hulst, Boeing’s Vice President of Commercial Marketing, highlighted the continuous expansion of China’s aviation market for both passengers and cargo.
This growth is fueled by economic progress and the strategic expansion of airline networks within the country. Hulst emphasized the strong demand China’s airlines will face, necessitating further growth of their modern, fuel-efficient fleets. Boeing’s forecast indicates that China’s commercial fleet will expand at an annual rate of 4.
1%, increasing from 4,345 to 9,740 airplanes by 2043. The country’s passenger traffic is expected to grow at 5.9% annually, surpassing the global average of 4.
7%. This growth will be supported by the expansion of airline networks that connect major hubs with smaller cities across China. China’s Aviation Market in 2043 Supporting Industry Growth To accommodate this growth, Chinese carriers will require aviation services valued at $780 billion, including digital solutions, maintenance, and modifications.
Additionally, the industry will need to recruit and train nearly 430,000 new personnel, including pilots, maintenance technicians, and cabin crew. Projected New Deliveries (2024-2043): Boeing’s Longstanding Partnership with China Boeing has been a cornerstone of China’s civil aviation sector for over 50 years, with its airplanes playing a crucial role in the country’s passenger and cargo transportation systems. Boeing is also the largest customer of China’s aviation manufacturing industry, with over 10,000 Boeing airplanes incorporating China-made parts.
Boeing’s activities in China contribute over $1.5 billion annually to the local economy, including investments in suppliers, joint ventures, operations, training, and research and development. As a leading global aerospace company, Boeing is committed to developing, manufacturing, and servicing commercial airplanes and related products for customers in more than 150 countries.
As a top U.S. exporter, Boeing leverages a global supplier base to drive economic opportunity, sustainability, and community impact.
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