Boeing Monday boosted its 20-year forecast for the global aircraft market, lifted by demand from budget carriers and emerging markets, as it revealed a new multi-billion dollar deal to sell planes in China.

Boeing said it expected overall demand for new planes over the coming 20 years to outstrip its previous forecasts by 4.1 percent, predicting total demand at a combined 39,600 jets worth $5.9 trillion (5.3 trillion euros).

Boeing forecast an average 4.8 percent annual growth in passenger traffic over the 20 years, with 9,100 new wide body planes to come on stream during that period. It cited strong replacement demand worth an estimated $2.8 trillion in a peak period from 2021-2028. Boeing predicted 15,130 new plane deliveries to Asia in the next 20 years, making it the region with the largest slice of the cake.

Boeing's European rival Airbus also revised upwards its own 20-year new planes forecast albeit to a slightly lower level than Boeing. It sees the market at a total of 33,000 jets worth $5.2 trillion, up from 32,600 planes worth $4.9 trillion and equivalent to 4.5 percent growth per year. Also Monday, Boeing signed a draft agreement with China's state-owned Xiamen Airlines to sell up to 30 of its 737 MAX 200 planes with a catalogue value of $3.39 billion.