Boeing has forecast that China will need 5,260 new airliners valued at USD$670 billion over the next 20 years and expects the country to become the second largest market for new commercial planes.
The US plane maker said small and intermediate twin-aisles, such as the Boeing 787 and 777, would account for a significant part of future deliveries to China.
Boeing said in a press statement that tourism in China would also fuel strong demand for single-aisle aircraft, with total deliveries reaching 3,650 by 2031.
"We expect Chinese carriers to experience rapid international expansion over the next 20 years, with an annual increase rate of 8.9 percent on average," said Randy Tinseth, Boeing commercial planes vice president of Marketing.
Boeing and rival Airbus are locked in a global contest for market share and in some cases have halved prices to bolster orders of revamped models of their best-selling narrow-body jets.
Boeing also raised its forecast for the Indian market, saying it would need 1,450 new aircraft worth USD$175 billion by 2031.
Airbus said on Tuesday that global airlines would buy a total of USD$4 trillion of aircraft over the next 20 years as they seek efficient new models to counter high fuel costs and meet relentless demand for travel to and from emerging markets.
Gravity always wins!