China to become second largest airplane market

China will likely require 4,330 new commercial airplanes valued at US$480 billion over the next 20 years, making it the world’s second-biggest airplane market after the U.S., according to the Boeing Co. The bulk of new deliveries are likely to be for smaller, single-aisle planes, said Randy Tinseth, vice president of marketing for Boeing’s commercial aircraft division. Tinseth said Boeing’s share of the commercial-jetliner market in China on what is called an installed basis—which measures an aircraft producer’s share of airplanes in service in a given market—stands at 52% to 53%. “Our objective is to maintain or grow that market share,” he said. (November 2, 2010)