China’s passenger traffic will grow ‘well above’ the world average in the next 20 years by when it will require over 5,300 aircraft with a total market value of $820bn, according to a report by Airbus.
The aircraft requirement from China between 2014 and 2033 will represent 17% of the world total demand for nearly 31,000, according to Airbus’s 2014-2033 Global Market Forecast.
China will need 5,363 aircraft over the next 20 years, including 3,567 single aisle aircraft, 1,477 twin-aisles and 319 very large aircraft.
The country will have the highest domestic air traffic in the world in the next ten years growing annually at 8.3%. It will overtake the US in terms of RPK (revenue passenger kilometre) in 2027.
Airbus chief operating officer customers John Leahy said: "Domestic passenger traffic in mainland China has more than quadrupled over the last ten years, and it will become the world’s number one aviation market within the next ten years.
"In the next 20 years, the greatest demand for passenger aircraft will come from China."
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By GlobalDataThe report attributes the demand to the economic growth of the country, urbanisation and an increase in average wages, among others.
According to a similar forecast by Boeing in September, China’s air traffic growth will be led by low cost carriers and new entrants.
Boeing’s forecast says that approximately 65% growth will be triggered by domestic traffic, 16% by international traffic to destinations within the Asia Pacific region and 19% by long-haul international traffic.
Over the next 20 years, traffic to Europe is expected to grow 6.1%, to North America 6.3%, to Oceania 6.6%, and to Africa 7.4%. China will need 1,480 new widebody airplanes to support this market growth, Boeing said.
Image: The air traffic in China is expected to grow at 8.3% annually for the next 20 years. Photo: courtesy of Airbus SAS.
