Aerospace major Boeing expects demand for more than 2,200 new jets valued at nearly $320 billion over the next 20 years in India.
In its annual Commercial Market Outlook (CMO), Boeing anticipates resilient long-term demand for commercial airplanes and services.
The CMO cited that Covid-19 pandemic has sharply reduced Indian air travel last year, however, the country’s domestic passenger traffic is recovering more rapidly than in most other countries and regions, recently reaching 76 per cent of pre-pandemic levels.
Besides, India’s passenger traffic has been predicted to outpace global growth, doubling from the pre-pandemic levels by 2030.
At present, India’s passenger market is the world’s third-largest.
Furthermore, India’s economy is predicted to grow at 5 per cent annually through the forecast period, the highest of any emerging market.
“Many more Indians will travel by airplane for leisure and business as incomes rise tied to industrialization and an economic growth rate in South Asia that leads all emerging markets,” said David Schulte, managing director of Regional Marketing, Boeing Commercial Airplanes.
“With greater demand for domestic, regional and long-haul travel, we anticipate India’s commercial fleet will grow four-fold by 2039.”
As per the CMO, India’s air carriers have opportunities for growth in international markets.
Schulte noted that several airlines have started or plan to start non-stop routes between India and North America to serve a passenger preference for direct service flights.
Boeing India President Salil Gupte said: “India’s burgeoning manufacturing and services business means the region is uniquely positioned to become a major aerospace hub.”
“We remain committed to partnering across India to develop the nation’s aerospace ecosystem, as continued investment in the civil aviation infrastructure and talent will enable sustained growth.”