BEIJING, Sept. 13, 2016 /PRNewswire/ -- Boeing (NYSE: BA), China's leading provider of commercial airplanes, projects a demand for 6,810 new airplanes in the country over the next 20 years. Boeing released its annual China Current Market Outlook (CMO) today in Beijing, estimating the total value of those new airplanes at $1.025 trillion. China becomes the first trillion dollar aviation market in Boeing's forecast.
"As China transitions to a more consumer-based economy, aviation will play a key role in its economic development," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "Because travel and transportation are key services, we expect to see passenger traffic grow 6.4 percent annually in China over the next 20 years."
Boeing predicts China will need 5,110 new single-aisle airplanes through 2035, accounting for 75 percent of the total new deliveries. Low-cost carriers and full-service airlines have been adding airplanes and expanding new point-to-point services to cater for both leisure and business travel demand from a rising middle class in China and throughout Asia.
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