Boeing forecasts 4,330 new aircraft in China in next 20 years

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Boeing has forecast that China will require 4,330 new commercial aircraft worth $480 billion over the next twenty years.

More fuel-efficient single-aisle aircraft will make up the majority of new deliveries, accounting for about 71%, says the airframer.

"China is one of the world's fastest growing and dynamic aviation markets, driven by the urbanisation of China, the growth of its economy and an ever increasing personal's wealth," says Boeing's VP of marketing Randy Tinseth.

"We expect domestic passenger traffic for China to grow at a rate of 7.9% on average."

The new deliveries will triple China's aircraft fleet, making it the largest market outside of the USA, says Boeing.

Among the deliveries, widebodies like the 787 Dreamliner and 777 will make up about 890 deliveries. Bigger aircraft such as the 747 will account for about 70 deliveries, says Boeing.

On the cargo front, Chinese carriers are expected to add about 330 freighter aircraft by 2029, adds the airframer.

"Boeing's equity investment in China is considerable, and the aviation goods and services we buy from China is significantly greater than other aviation companies," says Tinseth. "In the coming years, Boeing purchases are expected to exceed $3 billion."