(Yicai Global) Sept. 17 -- Chinese airlines will need to buy 8,090 new planes in the next 20 years, or about USD1.3 trillion worth of aircraft, according to a report published by Boeing today.

The nation will also need to spend about USD1.6 trillion on air-related services as annual passenger traffic will grow at an average rate of 6 percent a year, the China Civil Aviation Administration said on Weibo, citing the report. The prediction for the value of air services required was 7 percent higher than its forecast last year.

China commands some 15 percent of the world's civil aviation fleet and this will increase to 18 percent by 2038, Boeing said, adding that China will become the world's largest aviation market within a decade.

Some 5,960 of the required planes will be single-aisle aircrafts for regional routes, according to the report. Another 1,780 will be wide-body jets, tripling the size of China's existing fleet of larger planes, while the country's rapidly expanding e-commerce and delivery markets will force airlines to add another 230 new freighters and convert 500 passenger planes into cargo carriers.

The aviation service expenditure will include USD935 billion on ground and cargo operations, USD390 billion on maintenance and engineering, USD200 billion on flight operations and USD90 billion on marketing, customer support and corporate services, the report added.

Editor: James Boynton