Boeing predicts China will need 8,600 new aircraft over the next 20 years
11/18/2020|4:06:15 PM|Newshub

The Chinese aviation industry will need an additional 8,600 new aircraft within two decades according to aircraft manufacturer, Boeing.

Despite COVID-19, this estimate is 6.3% higher than Boeing's previous prediction of 8,090 planes last year. 

Such demand would be worth USD 1.4 trillion based on list prices, Boeing said in a statement.

In October, Boeing cut its 20-year forecast for global airplane demand due to the COVID-19 pandemic.

"While COVID-19 has severely impacted every passenger market worldwide, China's fundamental growth drivers remain resilient and robust," said Richard Wynne, managing director, China Marketing, Boeing Commercial Airplanes.

Boeing and its European rival, Airbus have been jostling to increase market share in China, but they also face rising competition from state-owned planemaker Commercial Aircraft Corporation of China.

Boeing projected a need for 6,450 new single-aisle airplanes over the next 20 years, while China's widebody fleet will require 1,590 new planes, accounting for 18% of the total deliveries, which fell from a year ago due to anticipation of a slower recovery in global long-haul traffic.

Read original article