Aircraft manufacturer Boeing has raised its 20-year forecast for the industry’s jet sales to China, as demand in the country continues to develop.
Chinese airlines are now expected to add some 4,330 aircraft – worth a total of $480 billion - by 2029, up from a forecast last year of 3,770 planes worth $400 billion.
Boeing’s Dreamliner is expected to be popular
Chicago-based Boeing, Europe’s Airbus and rivals from Russia, Brazil, Japan and Canada are all looking to China to drive sales as US and European growth slows.
Beijing also is trying to create its own civilian jetliner industry.
Middle Eastern carriers, principally Emirates, are also seen as a strong prospect for manufacturers.
Boeing raised its outlook due to China’s strong growth, demand for midsize aircraft and the competitiveness of its airlines, said Randy Tinseth, vice president for marketing of Boeing’s Commercial Airlines unit.
“We have seen a much stronger market than we anticipated for single-aisle airplanes,” Tinseth added.
“When we look at international traffic, we think that the Chinese airlines will grab a larger market share of that traffic” than last year.”
Despite rising competition, Tinseth said Boeing hopes to hold onto its 52 percent market share in China.
He said Boeing has looked at what market share the C919 might capture but declined to say what it was.