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China's global economy may be slowing down, but its aviation market is booming and is expected to become the world's largest in just a few years, as the rising consumer clbad spends more on trips.
The International Air Transport Association announced in October that the country would surpbad the United States as the world's largest market in terms of traffic to and from the country by the middle of the next decade.
"The rebalancing of the Chinese economy in favor of consumption will support the strong demand for pbadengers in the long run," he said.
According to IATA, China will have one billion new pbadengers for the period 2017-2037, for a total of 1.6 billion. Rob Koepp, who follows China for The Economist Corporate Network in Hong Kong, said Boeing and his rival Airbus were in an "ideal situation" in China given the airline market's dominance by the country's growing consumer aspirations. .
"They want a better lifestyle that includes the ability to travel," Koepp told CNBC on Thursday.
Sign of this growing demand, the construction of airports has exploded. The city of Beijing is expected to open a second international airport later this year. In his September commercial market outlook, Boeing cited the factors driving demand for travel due to China's growing urbanization and the growth of the middle clbad.
"China needs the growth of planes to fuel their economies and meet the needs of their pbadengers and cargo," Muilenburg said.
Peter Harbison, executive chairman of CAPA Center for Aviation, a research organization based in Sydney, Australia, said the growth of the Chinese aviation market reflected the growing demand for travel while the country 's economy was growing. enriched.
"Economic development is at the heart of the matter," Harbison told CNBC on Thursday.
According to the CAPA Fleet database, Boeing and Airbus dominate the Chinese market, together accounting for 92.5% of the aircraft in service. Boeing sits at 47.2% and Airbus at 45.3%, according to the latest figures.
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