A Boeing B787-9 Dreamliner of Shanghai Airlines, a subsidiary of China Eastern Airlines, arrives at Liszt Ferenc International Airport in Budapest, Hungary, on June 7, 2019. China Eastern Airlines on Friday began a direct flight service between Shanghai and Hungary's capital city Budapest, which is being scheduled for three times a week. (Xinhua/Budapest Liszt Ferenc International Airport)

Boeing forecasts that China's airlines will require 8,700 new airplanes by 2040, valued at $1.47 trillion, to meet expanding commercial air travel demand. The 20-year forecast reflects the China market's rebound and further evolution of airline business models. 

China's economic fundamentals have created the foundation for healthy air traffic growth, including 4.4 percent annual economic growth and a middle-income demographic that will double by 2040, according to the report published by the aircraft manufacturer. By 2030, China's domestic passenger market will exceed intra-European traffic; by 2040, China's domestic traffic is expected to also exceed air travel in North America.

The report also forecasts that China's civil aviation industry will require more than 400,000 new aviation personnel by 2040, including pilots, technicians and cabin crew. Boeing's commitment to China involves investing in talent that will power the future of aviation, such as training nearly 100,000 Chinese aviation professionals and employing more than 2,500 Boeing employees. Across its businesses, training, supply chain and other activities, Boeing's presence and partnerships in China contribute more than $1.5 billion annually to the domestic economy.

"The rapid recovery of Chinese domestic traffic during the pandemic speaks to the market's underlying strength and resilience," said Richard Wynne, managing director of China Marketing from Boeing Commercial Airplanes. 

"In addition, there are promising opportunities to significantly expand international long-haul routes and air freight capacity. Longer-term, there is the potential for low-cost carrier growth to further build on single-aisle demand," he said.  

The report also noted that two-thirds of aircraft deliveries will fuel China's aviation industry continued growth with one-third allocated to fleet replacement as airlines move toward more sustainable, fuel-efficient fleets.

Global Times