Boeing Looks to the Global Market in the Next 20 Years: Discovering 7,690 New Aircraft Lack in China
[Global Times correspondent Wang Huicong] "Although the escalating trade war between the world's two largest economies has cast a shadow over the prospects of the Asian aircraft market, Boeing is still raising China's expectations of commercial aircraft demand." By 2037, China will need 7,690 new aircraft with a total value of $1.2 trillion, which is expected to be the largest domestic market in the world, Boeing said in its annual report on the size of the global market for the next 20 years, Bloomberg reported Wednesday.
The report said the 7690 figure was 6.2% higher than the company said in September last year that China would need 7,240 new aircraft by 2036. Boeing also said China would need $1.5 trillion in commercial services over the next 20 years to support its aircraft.
"China's growth can be attributed to the country's growing middle class, which has tripled in number to 10 years ago and is expected to double in the next 10 years." "The future of commercial aviation in China is very exciting," Randy Tinses, Boeing's vice president of marketing, said in a statement.
Bloomberg said Tuesday that Boeing's report did not take into account the potential ripple effects of geopolitical and economic turmoil, and that trade tensions between China and the United States are likely to affect future aircraft sales. Boeing has a weak lead in Airbus in the Chinese market. China accounted for 13% of Boeing's revenue last year, with 202 planes delivered to Chinese airlines, compared with 176 for Airbus. But if China incorporates commercial aircraft into its retaliatory tariffs on U.S. products, that advantage could be at risk.
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