Boeing on Friday said that Indian airlines will need more than 2,200 new aircraft over the next 20 years on the back of the country’s economic growth and expanding middle class fuelling more demand for air travel.
Over 2,000 of the new aircraft will be single-aisle and 240 wide body, the aerospace major said in its South Asia and India Commercial Market Outlook at the civil aviation event, Wings India 2022, here.
Indian market
South Asia’s air travel sector is dominated by the Indian market, which accounts for about 90% of the region’s passenger traffic. Across South Asia the requirement will be for 2,400 new commercial jets valued at nearly $ 375 billion during the 20-year forecast period, Boeing said.
Its forecast on the new aircraft requirement comes after rival Airbus on Thursday estimated airlines in India to require 2,210 aircraft by 2040.
Managing Director, Regional Marketing of Boeing Commercial Airplanes, Dave Schulte said that single-aisle airplanes like the 737 family will continue to serve growth in domestic and regional markets, including flights from India to the Middle East and Asia Pacific regions.
Air travel in South Asia is expected to grow at 6.9% annually through 2040 and the projected traffic growth means the region’s fleet will nearly quadruple by the same period. The Outlook has been made anticipating resilient long-term demand for commercial airplanes and services following the COVID-19 pandemic, Boeing said in a release.
“We project robust demand for air travel in South Asia with carriers increasing services and passengers feeling confident about travel... as well as from air cargo,” Mr. Schulte said. Factors that will promote continued growth in the region will be the competitive domestic market and opportunities in international routes, both backed by government policies to reduce airline cost and taxes, he said.
The Outlook estimated India’s air cargo growth to an average 6.3% annually, driven by the country’s manufacturing and e-commerce sectors, including the Make in India initiative. Boeing forecasts demand for more than 75 freighters, including 10 widebodies and 737 Boeing Converted Freighters. India’s civil aviation industry will require close to 1 lakh new pilots, technicians and cabin crew personnel, the company said in the release.
“India continues to develop as one of the world’s largest civil aviation markets, as it ramps up its capabilities and capacity in infrastructure and services,” Boeing India president Salil Gupte said in the release.
