Boeing is revising up its forecast for new aircraft deliveries to China over the next 20 years.
The American aviation giant now estimates deliveries at 7,690 aircraft, compared to a previous estimate of 7,240 aircraft. The difference corresponds to an increase of 6.2 percent from the initial forecast.
What is driving the need for more aircraft is a continuing growth of the Chinese middle class, according to Boeing.
A more affluent middle class tends to want to travel more, and this is usually on regional flights. Therefore, Boeing estimates that three-quarters of the new aircraft will have a central aisle, and the remainder will be larger aircraft.
The total value of the aircraft deliveries is estimated at $1.2 trillion, and Boeing adds that an additional $1.5 trillion in aircraft maintenance services will be needed.
China is currently the world's fastest growing aviation market and is expected to have a market share of 18 percent by 2037, up from today's 15 percent, according to Boeing.
Source:finlire
