China will need over 5,000 new planes by 2031: Boeing

Boeing on Wednesday 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 airplanes.

The US plane-maker said that small and intermediate twin-aisles, such as the Boeing 787 Dreamliner and 777, will account for a significant part of future deliveries in China.

It said in a press statement that tourism in China will also fuel strong demand for single-aisle aircraft, with total deliveries reaching 3,650 through 2031.

"We expect Chinese carriers to experience rapid international expansion over the next 20 years, with an annual increase rate of 8.9% on average," said Randy Tinseth, VP-marketing, Boeing Commercial Airplanes.

Boeing and its European 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 narrowbody jets.

Boeing earlier raised its forecast for the Indian market, saying it would need 1,450 new aircraft worth USD 175 billion by 2031.

Airbus, owned by aerospace group EADS , said on Tuesday that global airlines will buy aircraft worth USD 4 trillion 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.