Boeing expects China air fleet to double in size in two decades

Boeing Co. released a bullish 20-year forecast for China’s commercial jet market, confident that the country can emerge from the challenges of Covid-19 and a slowing economy and be a major driver of sales.

The US manufacturing giant expects China to need 8,485 new passenger and freighter planes valued at $1.5 trillion through 2041. That figure is more than a fifth of global aircraft deliveries over the next two decades, Boeing said in a statement. China’s commercial fleet will grow to more than 9,600 planes in that time from about 3,900, the company said.

“We have full confidence that China’s commercial aviation market will continue to prosper, despite recent economic headwinds,” said Peter Gao, Boeing’s Greater China vice president, commercial sales and marketing. “China’s economic fundamentals will continue to fuel the significant demand for both its passenger and cargo fleets.”

Still, the forecast is slightly lower than last year, when Boeing said Chinese airlines would need 8,700 new aircraft over the following 20 years, valued at $1.47 trillion.

—Bloomberg