The global aerospace market is experiencing significant growth as airlines across the world expand and upgrade fleets in response to increased passenger demand. By 2033, estimates suggest that more than 30,000 new large civil airliners, 22,000 business jets, 5,800 regional aircraft and 40,000 helicopters will be needed to meet the rise in global demand.
Much of this growth is being driven by the Chinese market, forecast to become the largest national market for aviation and aerospace growth over the next 20 years. We have already seen an almost fivefold increase in air passenger traffic since 2000, thanks to a more affluent and mobile middle class.
Against this backdrop, ADS has today launched a new report – “The China Challenge: The Growth of Aviation and How the UK can Benefit”. The reportlooks at the issues surrounding China’s new economic objectives, its aviation growth challenges, and the strategic approach to building a domestic aerospace industry -all factors which will likely affect China’s future growth levels.
There are signs that the spectacular rate of economic growth in China is beginning to moderate and its Government is shifting its attention to the development of its 13th Five Year Plan. China is set to prioritise rebalancing objectives as part of this FYP, including continuing with internal development, investing in innovation and ensuring environmentally sustainable growth.
These new ambitions, coupled with China’s position as the largest national market for aviation and aerospace growth over the next 20 years, will have important consequences for the UK, home to the second largest aerospace sector in the world and a major global exporter.
The UK Aerospace sector specialises in developing, manufacturing and servicing some of the most complicated and high value elements of modern aircraft. These competitive strengths, supported by the successful Aerospace Growth Partnership, give the UK globally competitive capabilities that could help China meet its aviation and aerospace growth ambitions.
The ADS report explores China’s economic background, looking at the growth it has enjoyed to date and what lies ahead. It discusses how China’s aviation and aerospace industries sits within the broader economic challenges China faces. Finally it sets out how the UK can position itself to maximise the opportunity from China’s emerging urban hubs and its globally mobile middle classes.
