Asia is projected to become the largest hub for global aviation in the next 20 years, as it becomes the world's leading travel market. Now, Boeing's projects that China's aviation market would become the world's first trillion-dollar market in 20 years.

China's economy is gradually transitioning into a more consumer-based economy. The country's aviation industry is set to play a "key role" in this transition, according to Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes.

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New airliners and a rising middle-class are expected to fuel this market growth, Tinseth said in a statement, adding that the world's second-largest economy's "continuous growth will bring vitality to the aviation market."

The next 20 years will see the passenger traffic grow by 6.4 percent annually in China because travel and transportation are important to economic growth, according to Tinseth.  

Meanwhile, over the next twenty years, it is also estimated that China will need 5,110 new single-aisle airplanes. The size of the country's wide-body fleet is expected to triple, which is set to open up the demand for 1,560 new airplanes, according to Boeing.   

"The continuing expansion of China's middle class, new visa policies and a wide range of widebody airplanes give us reasons to expect a very bright future for China's long-haul market," Tinseth said.

Earlier, Boeing projected that Asia's airlines would earn a net profit of $6.1 billion in 2016, while it earned a net profit of around $5.8 billion last year. In addition, passenger air traffic in Asia is projected to constitute almost half of the global passenger traffic by 2035 -- 48.7 percent.     

TagsChina Aviation Market, Boeing, China economy