Aviation leasing market hits new heights

Fleet to grow

Despite the impact of COVID-19 on China's near-term growth, the nation is expected to see strong demand for air travel in the next 20 years. US aircraft manufacturer Boeing predicts that the size of China's commercial aircraft fleet by 2041 will rise from around 3,900 to more than 9,600.

By that year, air passenger traffic in China is predicted to grow at an annual rate of 4.9 percent, and 1,570 wide-body aircraft and 6,370 single-aisle planes will be needed to support a growing network of international and domestic routes, according to Boeing.

Meanwhile, COMAC forecasts that between now and 2041, China is expected to witness deliveries of 9,284 aircraft, including 6,288 single-aisle planes, with the nation on track to become the world's largest air travel market.

The KPMG report said: "Given the nature of the recovery to date, the focus of airlines and investors continues to be on narrow-body and new technology aircraft. The wide-body market will continue to be challenging until the recovery becomes less geographically fractured."

China is Boeing's second-largest market, and the largest for its European rival Airbus, according to the two manufacturers.

Experts believe that the C919's debut indicates that China will provide more choices for the trunk liner market for global carriers. This market refers to single-aisle aircraft such as the A320, or larger planes.

Mass production is expected to promote the aviation industry's cluster effect, further enhancing regional collaboration and accelerating the migration of global aviation manufacturing industries to China, the experts predict.

Rockwell Collins CETC Avionics Co, the main system supplier for the C919, is a joint venture established in 2014 by Collins Aerospace, which is based in the US, and Chinese company CETC Avionics Co.