China is currently dealing with an unstable market, but the country’s leading provider of commercial airplanes, Boeing, announced Monday that it expects a huge influx of airplane orders over the next 20 years.
In a statement from Boeing’s annual China Current Market Outlook, the company estimates China will order a total of 6,330 new aircrafts over the next two decades. The orders will total an estimated $950 billion.
China is expected to become the world's largest domestic air travel market over the next several years, and Boeing announced that it is forecasting a demand for 4,630 single-aisle airplanes through 2034. With the growth of new carriers and low-cost airlines in China, the need for more planes will continue to increase.
Boeing Vice President of Marketing Randy Tinseth released a statement, saying, “Despite the current volatility in China's financial market, we see strong growth in the country's aviation sector over the long term. Over the next 20 years, China's commercial airplane fleet will nearly triple: from 2,570 airplanes in 2014 to 7,210 airplanes in 2034, with more than 70 percent of these deliveries accommodating growth.”
As for wide-body aircrafts, Boeing is estimating the nation will need another 1,510 of the new planes, such as the 777-300ER, 777X and the 787 Dreamliner. The addition of more Boeing aircrafts to the Chinese skies will build on the fact that more than 50 percent of all the commercial jetliners in the country were already built by the company.
Across the world, Boeing expects investments of $5.6 trillion for 38,050 new commercial airplanes to be delivered during the next 20 years.