India needs 2,300 airplanes valued at USD 320 billion in next 20 years, aircraft maker Boeing said on Wednesday. Boeing [NYSE: BA] raised its long-term forecast for commercial airplanes in India as excellent domestic passenger traffic and fast growing low-cost carriers (LCCs) call for this number.
In rupee terms the amount would be approximately Rs 22,45,364 crore. As much as 85 per cent of the planes would be narrow-body and the rest would be wide-body. The estimate is for the 2018-2037 period. As per Boeing, India would need 1,940 single-aisle planes worth USD 220 billion and 350 wide-body aircraft valued at USD 100 billion during this period.
Boeing declared nearly a quarter-billion dollars in 2018 corporate giving this year only, more than 10 million passengers, on average, traveled within India each month, and this is apparently a superb news for Boeing.
“India continues to grow at a faster pace. The Indian economy is projected to grow by nearly 350 percent over the next 20 years to become the third largest economy in the world,” Dinesh Keskar, Senior Vice President of Asia Pacific & India Sales at Boeing Commercial Airplanes said. He added “to meet this increased domestic air traffic growth, we see the vast majority of available airplane seats coming from LCCs. The success of this market segment will mean more than 80 percent of all new airplane deliveries in India will be single-aisles and the superior economics and fuel efficiency of the new 737 MAX airplane will be the perfect choice for Indian carriers.”
Currently India is the top growing domestic aviation market in the world and registered 50th straight month of double-digit growth in October.
|
New Airplane Deliveries to India through 2037 by size |
|||
| Airplane type | Seats | Total deliveries | Market value |
| Regional jets | 90 and below |
10 |
<$1 billion |
| Single-aisle | 90 and above | 1,940 | $220 billion |
| Widebody | 200 and above | 350 | $100 billion |
| Total | 2,300 | $320 billion | |
With more than five percent of the world’s fleet likely to operate in India by 2037, services will continue to be seen as a major driver of growth in the region’s commercial aviation industry.. In the South Asian market, including India, Boeing forecasts a commercial services market valued at $430 billion over the next 20 years.
