In the upcoming 20 years, China is all set to triple the number of its current aviation fleet. With this in mind, the fleet will have about 5,580 new aircraft added, which will be valued at $780 billion and will make the fleet of 6,450 aircraft in the next two decades.
Aircraft manufacturing company Boeing said on September 5, 2013 that the Chinese airlines will grow faster in the international market than in the domestic market. The new aircraft market of China accounts for 16 percent of the global total, when it comes to new deliveries and market value. Boeing also said that in the next 20 years, more than 35,000 new commercial airplanes – which are valued at $4.8 trillion – are expected to be delivered across the globe.
Randy Tinseth, the vice-president of global marketing at Boeing Commercial Airplanes said that three-fourths of the new airplanes in China are intended for growth rather than replacement, which also indicates that China is a fast-growing market. He said, “Thanks to strong economic growth and increased access to air travel, we project China traffic to grow at nearly 7 percent each year”. The share of Chinese Airlines in the international market will also continue to grow at a steady rate.
Photo Credits: Straitstimes