Engineers have all the design requirements in place for what will be the largest member of Boeing single-aisle family, after the company's MAX program completed firm configuration on the new Boeing 737 MAX 10. Touted as a major milestone for the airline, Boeing announced the achievement Wednesday at the Singapore Airshow.

Boeing is all set to dole out tough competition in the airline environment with this airplane. The company announced at the show it received nearly $1 billion in service orders, which will enable Boeing to thrive in the competitive airline market.

The 737 MAX 10, which is part of the Boeing 737 MAX family — the fastest selling aircraft in the company's history — will reportedly use a stretched fuselage, which is larger than its predecessor 737 MAX 9, and will now enter the design phase before embarking on the production. The Boeing 737 MAX was designed to provide great flexibility, efficiency and reliability in the single aisle market.

According to the statement issued by Boeing, the airplane whose deliveries are scheduled for 2020, received 416 orders and commitments from 18 customers across the globe. The airplane is said to provide tough competition in the airline market by carrying more passengers at a lower trip cost. The airplane will reportedly carry up to 230 passengers, while delivering 5 percent lower trip costs and 5 percent lower seat-mile costs, compared to its competition.

boeing 737 max A Boeing 737 MAX 8 airliner lifts off for its first flight in Renton, Washington, Jan. 29, 2016. Photo: Getty Images/Stephen Brashear

The Boeings 737 MAX, which incorporates latest CFM International LEAP-1B engines, advanced technology winglets, Boeing Sky Interior, large flight deck displays and other features, comes with the lower per seat cost and will explore more destinations in the single-aisle market.

According to a statement issued by the airline, the MAX 10 will soon join the Boeing family in this endeavor.

"The steps we've taken to reach this point ensure the MAX 10 will be the most efficient and profitable single-aisle airplane the market has ever seen," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "We're working closely with our airline customers to deliver on the performance and efficiency benefits we've promised."

On Feb. 5, Boeing 737 debuted its latest addition to the range, the Boeing 737 MAX 7, at the Company’s Renton, Washington, plant. As the prototype of Boeing 737 MAX 7 left the hangar, it was reported the airplane that was said to go into service in 2019 will start test flights in few weeks after undergoing a meticulous inspection with system checks and engine runs.

The Boeing 737 MAX 7 is said to replace Boeing 737-700 and is reported to be the third member in the Boeing line. MAX 7 will also compete with the A319neo, which carries 12 more passengers on 7 percent lower operating cost per seat.

"For our airline customers serving airports at high altitudes or remote locations, the MAX 7 is the ideal complement to their fleet. We look forward to demonstrating the incredible flexibility and range of this airplane," said Keith Leverkuhn, vice president and general manager of the 737 MAX program, Boeing Commercial Airplanes. "This is the third 737 MAX family member our team has successfully introduced in just three years. That's a phenomenal accomplishment and a testament to the dedication of the entire 737 team."