New Delhi, July 31 (IANS) Global aerospace major Boeing on Monday said it expects a demand for 2,100 new aircraft in India, valued at $290 billion, over the next 20 years.
According to the company’s 2017 annual current market outlook (CMO) for India, factors such as high passenger traffic and growth of low-cost carriers will lead to the fulfilment for the demand forecast.
“Commercial aerospace demand in India continues to grow at unprecedented rates,” said Dinesh Keskar, Senior Vice President, Asia Pacific and India Sales, Boeing Commercial Airplanes.
“The increasing number of passengers combined with a strong exchange rate, low fuel prices and high load factors bodes well for India’s aviation market, especially for the low-cost carriers,” he said.
Currently, passenger traffic growth in India is more than 20 per cent, which far exceeds the global average of 7.3 per cent.
Segment-wise, the company’s annual CMO pointed out that single-aisle airplanes such as the “737 MAX” family, will continue to account for the largest share of new deliveries.
The company expects the airlines in India to need approximately 1,780 single-aisle airplanes in the next 20 years.
“The 737 MAX is the fastest-selling airplane in Boeing history because customers throughout the world, including India, want its combination of performance, flexibility and efficiency,” Keskar said.
In addition, Boeing projected a worldwide demand for 41,030 new airplanes over the next 20 years, with India passenger carriers needing more than 5.1 per cent of the total global demand.
The company’s CMO is the longest running jet forecast and regarded as the most comprehensive analysis of the aviation industry.