Boeing Dreamliner 787 Air China aircraft are located on the production line at the company's final assembly facility in North Charleston, South Carolina.
Travis Dove | Bloomberg | Getty Images
Boeing on Tuesday raised its demand for airplanes in China for the next 20 years, backed by expectations for steady demand for air travel, but new fleet growth will be slower than last year's aircraft manufacturer's forecasts .
China carriers will need 8,090 new aircraft by 2038, up 5.2% from Boeing's forecast last year. It will be
worth nearly $ 1
Last year, Boeing predicted 6.2% growth in demand for new aircraft in the country to 7,690 aircraft by 2037.
"Expanding middle class, significant infrastructure investments and advanced technologies that make aircraft capable and efficient, they continue to drive huge demand for air travel, "said Randy Tinest, Vice President of Commercial Marketing at Boeing.
Boeing and its European competitor, Airbus, are seeking to increase their market share in China, the fastest growing aviation market in the world, with both opening assembly plants in the country.
But the global grounding of the Boeing 737 MAX fleet after two fatal crashes limited the capacity of Chinese airlines to expand capacity, with a softer demand for travel, pushing passenger yields amid a slowing economy.
Boeing anticipates the need for 5,960 new planes in one go over the next 20 years, representing 74% of total new deliveries
while China's wide fleet will require 1780 new planes, tripling the current size of the country's wide fleet.
China will also need about $ 1.6 trillion in commercial services for its aircraft fleet over the period, Boeing said.