These 7 planes are trying to end Airbus and Boeing's dominance in the skies

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Airbus A320 neo

AP

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The single-aisle airliner market is one of the most lucrative and hotly contested segments in the aviation business. But for the past 15 years, that white-hot competition has almost exclusively been between two companies - Airbus and Boeing.

In recent years, companies from around the world have launched aircraft aimed at breaking the Airbus-Boeing duopoly.

On Monday, China's COMAC and the Russia's United Aircraft Corporation announced a joint venture called the China-Russia Commercial Aircraft International Corporation or CRAIC. According to the two companies, the new joint venture will be tasked with developing a new long-range wide-body airliner.

CRAIC is the product of a joint venture agreement signed by COMAC and UAC in June of 2016 with the blessing of Chinese president Xi Jinping and Russian president Vladimir Putin.

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"We will cooperate sincerely with UAC, unite as one, and strive to make the program a model of Sino-Russian cooperation," COMAC chairman Jin Zhuanglong said in a statement. "We will follow the latest international mainstream airworthiness standards, build more competitive long-range widebody aircraft, and strive to provide customers with better service and make new contributions to the global aviation market."

The new JV will be will be based in Shanghai near COMAC's existing facilities and will also produce its future aircraft in the Chinese city.

In addition to the new Sin0-Russia wide-body, there is a slew of state-of-the-art airplanes from around the world designed to challenge Airbus' and Boeing's market dominance.

But before we get to their challengers, let's take a look at the next generation offerings from Airbus and Boeing.

Get the latest Boeing stock price here.

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