Boeing raises forecast, citing Chinese plane requirements

By Sheetal Sukhija, North Korea Times
11 Sep 2018, 23:03 GMT+10

Boeing has raised its previous forecast for the period to 2037
It said that Chinese airlines will buy 7,690 new planes worth $1.2 trillion over the next two decades
Boeing's latest estimate for the period to 2037 is 6.2 percent higher than its previous prediction

BEIJING, China - Increasing its estimate for the period to 2037, Boeing Co said on Tuesday that it is expecting Chinese airlines to buy 7,690 new planes worth $1.2 trillion over the next two decades.

The planemaker said that Chinese carriers will buy thousands of new planes to keep pace with booming consumer and business demand for air travel.

Raising its previous estimate made last year, Boeing said on Tuesday that its latest prediction for the period to 2037 is 6.2 percent higher than its previous prediction of 7,240 planes until 2036.

In an official statement, Randy Tinseth, Boeing Commercial Airplanes vice president of marketing said, The growth in China can be attributed to the countrys growing middle class, which has more than tripled in the last 10 years and is expected to double again in the next 10."

Further, Boeing has predicted that China - which currently accounts for 15 percent - will account for 18 percent of the worlds commercial airplane fleet by 2037.

The U.S. firm has further forecast that the country will need over $1.5 trillion in commercial services to support its fleet.

Large planemakers, including Boeing and its rival Airbus have been trying to increase market share in the world's fastest growing aviation market - China.

Both the companies have already opened assembly plants in the country.

So far, Boeing has not felt a major impact from the ongoing trade war between the U.S. and China.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Korea Times.

More Information

-1 ℃

Pyongyang

International

Section

Global head of corporate law at Apple facing fraud charges

WASHINGTON DC - The U.S. Securities and Exchange Commission has filed insider trading charges against a former senior attorney at ...

Pence says Iran openly advocating another Holocaust

WARSAW, Poland - U.S. Vice President Mike Pence zeroed in on Iran on Thursday when he addressed Polish Prime Minister Mateusz ...

Crackdown on mail distribution centre in Darwin results in seizures

DARWIN, Northern Territory, Australia - A crackdown on the sending of illicit substances and other illegal items through the post ...

Youthful U.S. drug dealer caught boarding plane for Hawaii from Sydney

SYDNEY, Australia - A 21-year old American drug lord has been arrested at Sydney International Airport as he was about ...

Jaish al-Adl claims responsibility for deadly attack on Iranian forces

TEHRAN, Iran - A deadly suicide bombing has claimed the lives of at least 27 members of Iran's elite Revolutionary ...

It has taken centuries to complete, but the end is in sight

THANLYIN, Myanmar - After 270 years of false starts, the Portuguese church in the port city Thanlyin , in Myanmar ...

Business

Section

Movie Review

My Little Pony: The Movie

Featured story

Ireland's Keywords Studios acquires Canada's Snowed In

DUBLIN, Ireland - Following its successful acquisition of Hollywood-based Blindlight, Irish video-gaming company Keywords Studios has now announced its latest accomplishment. Keywords r ...