China Needs to Spend $2.9 Trillion on New Planes and Services, Boeing Says
- Aircraft maker says China needs 8,090 new planes by 2038
- Country set to be biggest aviation market within next decade
This article is for subscribers only.
China will need to spend $2.9 trillion on new aircraft and ground services over the next two decades, according to Boeing Co., which continues to pin hopes on the world’s second-largest economy as its trade dispute with the U.S. rolls on.
The estimate, released Tuesday in Boeing’s annual outlook on China’s commercial aviation market, is 7% higher than last year’s forecast. Growth will be driven by an expanding middle class and infrastructure improvements, resulting in a need for 8,090 new airplanes over 20 years worth nearly $1.3 trillion, Chicago-based Boeing said. Chinese carriers will need to spend another $1.6 trillion on services such as cargo operations and maintenance, it said.