US aircraft maker Boeing is looking to capitalise on China's growing demand for aeroplanes as the country's strong economic growth has increased domestic and international traffic.
The company said China would require 5,580 new airplanes valued at $780bn (€590bn, £499bn) over the coming 20 years. The demand, representing 16% of the world total, would triple the country's aircraft fleet over the same period.
Across the globe, Boeing projects investments of about $4.8tn for more than 35,000 commercial aircraft through 2032, according to its Current Market Outlook, which helps shape the company's product strategy and guides its long-term business planning.
Boeing and rival Airbus are considering China their key customer due to the country's high economic growth rates over the last 20 years.
"Thanks to strong economic growth and increased access to air travel, we project China traffic to grow at nearly 7% each year," Randy Tinseth, vice president of commercial marketing at Boeing, said.
"China is a key market for Boeing. Our current and future products will allow our customers to meet the growing demand with the most efficient airplanes."
Boeing claimed that it is the "mainstay of China's air travel and cargo system" with more than 50% of commercial jets operating in the country.
At the same time, all of its current commercial jet models, including the 737, 747, 767, 777 and 787, are using components made in the country.
High-Growth Long-Haul Market
Boeing said it expects long-haul international traffic to and from China to grow at 7.2% annually, primarily due to higher projected traffic between China and North America, Europe, the Middle East, Oceania and Africa.
This would generate demand for an additional 1,440 new fuel-efficient wide-body jets with a value of about $400bn over the next two decades.
"To compete in the long-haul international market, our Chinese customers are focused on growing their international networks, increasing their capacity and building resources," said Tinseth.
"These trends will shape market demand for airplanes that have high efficiency, low operating costs, environmentally progressive technologies and a great passenger experience. We believe Boeing's current and future widebody families are perfectly aligned to meet those needs."
Boeing sells wide-body jets including the 787 Dreamliner, 777 and 747-8 Intercontinental.
Meanwhile, the demand for single-aisle jets would increase due to tourism and intra-Asia travels, according to Boeing. Total deliveries in the single-aisle segment are expected to reach 3,900 aircraft through 2032, valued at $370bn.
Boeing expects to benefit from the sales of its Next-Generation 737 and the new 737 MAX in the segment.