Boeing Co. has won an order of 50 737 aircraft worth about US $3.8 billion amid the travel industry's boom in China.

Juneyao Airlines placed an order for new generation models of 737 Max and the 737, the US based airline manufacturer said.

Boeing's 737 aircrafts sell around US $76 million to US $109.9 million apiece, as stated in the aircraft manufacturer's price list. This tagged the order placed by Juneyao Airlines between US $3.8 billion and US $5.5 billion.

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Airbus Group NV gave predictions that by 2032, the aircraft market in China would overtake the United States.

 Qantas Airways and China Eastern Airlines have been investing in low cost flights following the loosening of airline regulations in the country.

The Civil Aviation Administration of China announced last February that it would loosen aviation rules and would conduct a study regarding tax breaks to encourage budget airlines in the country.

In March, China Eastern placed an order of 70 Airbus A320s valued around US $6.4 billion.

Barclays' transportation and infrastructure analyst Patrick Xu said that China's low cost aviation industry has become friendlier. He also added that startups are expected to soon emerge in the industry.

The growth in economy has made domestic air travel more affordable in China. Thus, the demand has also increased for local carriers including Air China Ltd. and China Southern Airlines Co.

Boeing's Marc Allen said in January that the company has already handed a record of 143 planes in China. This year, Boeing is about to deliver 140 more planes in the country, reported Bloomberg News.

TagsBoeing Co., Juneyao Airlines, Civil Aviation Administration