Nov 08, 2018 (China Knowledge) - China-Russia Commercial Aircraft International Corporation (CRAIC) has, for the first time, revealed their new CR929 long-range passenger plane at the 12th China International Aviation and Aerospace Exhibition, on Tuesday.
The cockpit and cabin of the 22 meters long commercial aircraft was showcased, with optional plans to be introduced when ready, for customers to choose and customize. The JV will continue developing the passenger plane, with them entering the preliminary design stage for the next plane.
CRAIC is a joint venture between Commercial Aircraft Corporation of China and the United Aircraft Corporation concluded in June 2016, and launched in May 2017. The JV aims to capture 10% of the commercial aircraft market, where it is currently dominated by Boeing and Airbus. In order to achieve its goals by 2035, the company aims to produce a plane that is 10%-15% cheaper to run.
In a report released by Reportlinker, the global commercial aircraft market is expected to grow at a compound annual growth rate (CAGR) of 2.9% and will be valued at around USD 255 billion by 2028. The cumulative market for global expenditure on commercial aircraft is valued at USD 2.3 trillion over the forecasted period.
The JV will allow both countries to get a piece of the lucrative market that is currently dominated by big names such as Boeing and Airbus. With increasing affluence of air travel, the commercial aircraft market still presents a lot of untapped opportunities to developers and manufacturers of commercial plane.
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