Boeing has forecast a demand for 1,740 new aircraft, valued at US$240 billion, over the next 20 years in India. The company released its annual India Current Market Outlook (CMO) in Mumbai, forecasting the South Asia region will have among the highest traffic growth around the world at 8.6 per cent.
Dinesh Keskar, senior vice president, Asia Pacific and India Sales, Boeing Commercial Airplanes said, “Over the next 20 years, Boeing forecasts India will need 1,740 new airplanes worth US$240 billion. India’s economy and the country’s potential for air travel growth – both for leisure and business – continues to be strong and we remain confident in the Indian commercial aerospace market.”
Boeing says it expects the largest demand from airlines in India to be for single-aisle aircraft such as the Next-Generation 737 and new 737 MAX, while twin-aisle aircraft demand, such as the 777 and 787 Dreamliner families will also continue. The number of low cost carriers is projected to grow to more than 30 per cent of the total Indian market.
Keskar added, “The Indian market is highly competitive and airlines are adapting with added capacity, moderate pricing discipline and new business models, such as the growing number of low cost carriers. We continue to believe Boeing’s comprehensive airplane family meets our customers’ needs with superior economics and fuel efficiency, improved environmental performance and a great passenger experience.”
Boeing has forecast a worldwide demand for 38,050 new aircraft over the next 20 years, with India carriers needing more than 4.5 per cent of the total global demand during the forecast period.