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Boeing Co. BA has predicted that China’s growing economy will see its commercial airplane fleet more than double over the next 20 years.
What Happened: “Despite the impact of the pandemic on China’s near-term growth, Boeing predicts that demand for air travel and air freight will continue to trend upwards through 2041, with the country’s commercial fleet growing from around 3,900 airplanes to more than 9,600 through 2041,” Boeing said in a statement.
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According to the company, China will require 8,485 new airplanes valued at $1.5 trillion to serve passengers and trade. This represents more than a fifth of global airplane deliveries over the next two decades, as Chinese carriers look to replace older airplanes with more fuel-efficient models such as the Boeing 737 MAX, 787 Dreamliner and 777X, Boeing said.
Boeing’s overall sales increased 4% to $15.96 billion in the quarter ending September, missing the consensus of $17.83 billion. Adjusted loss per share widened to $(6.18) from $(0.60) a year ago. The company delivered 112 commercial airplanes in the third quarter compared to 85 last year.
Freight Market: In its 2022 Commercial Market Outlook (CMO) for China, Boeing said there will be continued growth in the freight market, with China’s freighter fleet more than quadrupling in size to over 800 airplanes through 2041.
Peter Gao, Boeing vice-president, Commercial Sales and Marketing, Greater China said, “China’s economic fundamentals will continue to fuel the significant demand for both its passenger and cargo fleet.”
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Image and article originally from www.benzinga.com. Read the original article here.