BEIJING - Hello from China where I’ve just unveiled some pretty impressive numbers about this booming country. Over the next 20 years, our Current Market Outlook shows that China will need 5,000 new airplanes worth $600 billion. That’s 15 percent more airplanes than we forecasted a year ago, with a 25 percent value increase.
It was my pleasure to present the China CMO to reporters in Beijing today.
Several factors are driving this demand—but simply put, China’s economy is thriving. Personal income is on the rise and more people are traveling. As a result, airlines are offering more flights, including nonstops, to meet China’s international air travel growth. China’s mainland carriers are also expected to experience rapid international expansion over the next 20 years.
We presented the CMO in Chinese for our media friends.
To show you just how fast the aviation market is moving in China, we expect 84 percent of those new airplanes will be needed just to keep up with growth—not for replacement. The greatest demand in China will be for widebodies like the 747-8, 777 and 787. The single-aisle market will also remain strong, with total deliveries expected to hit 3,550.
We know the market in China is more competitive than ever—and it’s no longer just two players going after business. We’re also facing challenges in the single-aisle market from China’s own Comac and other new players. That’s why the new 737 MAX family is so important to our future.
The new 737 MAX.
It perfectly positions us to not only continue to deliver the most fuel-efficient and capable airplane with the lowest operating costs—but to increase our advantage.
We’ve already had a great 2011 when it comes to orders and commitments from our customers in China:
Cathay Pacific: 10 777-300ERs (order announced in March)
8 777Fs and 4 777-300ERs (order announced in August)
Hong Kong Airlines: MOU for 32 787 Dreamliners & 6 777Fs (announced in March)
Air China: Agreement for 5 747-8 Intercontinentals (announced in March)
I personally look forward to working with our great customers and friends here in China to make sure they have everything they need as they head into a very exciting future.
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