BOEING: China Will Need $870 Billion Worth Of Planes Through 2034

Boeing announced this week that it expects China's airlines will require an additional 6,020 aircraft by 2033 with a total value of $870 billion. These latest figures represent an 8% increase over the airplane maker's 2013 projections, reports Reuters.

Fueled by massive investment in airport infrastructure and the burgeoning middle class' demand for leisure travel, the Chinese aviation industry has developed significantly over the past decade.

"China's aviation market is going through dynamic changes," said Randy Tinseth, Boeing Commercial Airplanes vice president of Marketing. "New business models like low-cost carriers and airplane leasing companies, a new generation of fuel-efficient airplanes and evolving consumer needs are driving demand for more direct flights to more destinations."

Boeing expects Chinese demand to make up 16% of all airplane orders worldwide and 45% of all orders coming from Asia. Of the 6,020 new airplanes, Boeing expects as many as 4,300 of them to be single-aisle variants like its hot-selling 737NG and 737MAX.

With China's major airlines fielding a balanced mix of Boeing and Airbus aircraft, the country will be a significant battle ground for the two industry titans. Although Boeing claim that more than 50% of airliners flying in the country carrying the company's logo.