Boeing reckons China-based airlines will need 8,600 new planes over 20 years, with a price tag estimate of over $ 1.4 trillion.
Boeing’s forecast for the Chinese market is by 2039, an increase of 7% from the forecast announced last year.
Of the 8,600 aircraft forecast announced, about 75% are expected to be narrow-bodied, 18% cargo and wide-bodied. With these estimates, the Chinese market accounts for about half of the estimated deliveries for the Asia-Pacific region.
Despite the Covid-19 outbreak, the reason the forecasts were updated was because of the country’s rapidly growing middle class, growing economic growth and booming urbanization. It is also one of the first countries in the aviation sector to experience post-pandemic recovery due to Covid-19.