Boeing Says China Will Need 5,260 New Airplanes By 2031

China will need 5,260 new commercial airplanes valued at $670 billion over the next 20 years, according to Boeing, one of the providers of passenger airplanes for China.

"It's impressive that over 75 percent of the demand in China will be for growth instead of replacement," said Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes. "Sustained strong economic growth, growing trade activities and increasing personal wealth are some of the driving forces. Travelers also care about increased connectivity, efficiency and lower prices."

Small and intermediate twin-aisles, such as the Boeing 787 Dreamliner and 777, will account for a significant part of future deliveries, according to Boeing. These airplanes are expected to be the highest value segment, making up 48 percent of the market in value with some 1,190 new deliveries expected.

In addition, expansion of the Chinese market has also unleashed pent-up demand for broader international travel.

"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. That's not only because the market demand is growing, but because Chinese carriers now have the capability and resources to compete in the tough long-haul international market," Tinseth added.

Moreover, tourism in China will also help fuel a strong demand for single-aisle aircraft, with total deliveries of single-aisle airplanes reaching 3,650 through 2031.

Boeing, which will celebrate its 40th anniversary of providing commercial aircraft and services to China's aviation industry this year, said it would make investments of $4.5 trillion worldwide for 34,000 new commercial airplanes to be delivered during the next 20 years.