China will require 5,000 new commercial aircrafts, at a value of $600 billion, over the next 20 years according to Boeing.
"We expect China will be the second largest country taking new commercial aircraft deliveries due to its air travel demand growing at an annual rate of 7.6% on average," said Randy Tinseth, Boeing Commercial Airplanes' vice-president of marketing.
The airframer has forecast that small and intermediate twin-aisles, such as the Boeing 787 Dreamliner and 777, will be a major part of these deliveries. They are expected to constitute over 40% of the market in terms of value, with some 1,040 deliveries, added Tinseth.
Major Chinese airlines, taking advantage of their membership in the major airline alliances, will shift their focus from domestic to international markets to become competitive global players, he said.
The narrowbody market will also remain strong, with total deliveries reaching 3,550 as a result of the boost for China's inbound tourism. This will stimulate demand for the Boeing 737 Max, the airframer's re-engined variant of its narrowbody.
Source: Air Transport Intelligence news