American aircraft manufacturer Boeing has boosted its 20-year forecast for the global aircraft market on Monday, as it announced its multi-billion dollar deal to sell aircrafts in China.

Boeing increased its expected overall demand over the next two decades by 4.1 percent from its previous predictions, with a total demand of 39,600 jets estimated to be worth $5.9 trillion.

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Furthermore, it is anticipating an average 4.8 percent annual growth in passenger traffic, with 9,100 new wide body planes coming soon, according to Yahoo News.

"Despite recent events that have impacted the financial markets, the aviation center will continue to see long-term growth with the commercial fleet doubling in size," Randy Tinseth, Boeing's vice president of marketing, said.

Boeing also predicted that Asia will get a lion's share of new plane deliveries with 15,130 units, according to Economic Times.

On Monday, Boeing also signed a draft agreement with China's state-owned Xiamen Airlines to sell up to 30 units of 737 MAX 200 planes valued at $3.39 billion.

"We are pleased with this new milestone in our relationship with Xiamen Airlines," Ray Conner, Boeing CEO, said. "The market-leading efficiency and reliability of the 737 MAX 200 will enable Xiamen and its subsidiaries to expand its growing network, while maintaining an optimal fleet."

Meanwhile, Boeing's competitor Airbus also posted a positive forecast over the next 20 years, but the figures are slightly lower than Boeing. It predicted 30,070 new aircrafts, up by 500 from its previous estimate. It also predicted that passenger traffic would increase by an average of 4.5 percent per year.

"Middle classes in emerging markets will double to 3.5 billion people by 2035," Airbus said, forecasting that the bulk of demand will come from China and India.

However, some executives were more cautious. David Joyce, GE Aviation CEO, said he did not see the need for further increases in planned airline production, which both Boeing and Airbus are apparently considering as they thrive to meet their order backlogs, The Globe and Mail reported.

TagsBoeing, Airbus, aircraft, Xiamen airlines