India is expected to witness a demand of 1,600 airplanes in next 20 years, with commercial aviation fleet estimated to grow more than five times during the period, according to Boeing Commercial Airplanes.
Projecting its 20-year market outlook for India, the US-based company said that planes worth $205 billion would be needed during the period, given a favourable demography in the country.
Passenger airlines in India will mostly rely on single-aisle airplanes, comprising almost 83 per cent of the total fleet.
“India’s demographics are highly favourable to the growth of air transportation. The share of India’s large population entering the workforce is growing. India could have the world’s fourth-largest economy if current trends continue helping drive demand for air travel,” Dinesh Keskar, senior VP of sales, Asia Pacific and India, said.
He added that with passenger growth recovering, aviation industry is likely to turn healthy in the long run, though “adverse near-term trends of overcapacity, a weak rupee and high fuel prices will affect airline profitability in the near term.”
According to the forecast, Boeing said that for long-haul traffic, twin-aisle airplanes like 747-8 Intercontinental, 777 and the 787 Dreamliner will account for 15 per cent of new airplane deliveries.
The 20-year forecast of airplane deliveries shows that 1,330 single-aisle planes, 235 twin-aisle planes and 35 regional jets is expected to be delivered till 2032.
“India will continue to have one of the strongest, most vibrant aviation markets in the world over the next two decades,” said Keskar.
Globally, the aviation market is projected at $4.8 trillion for 35,280 airplanes during the same period, led by an increase in deliveries from India, China and other emerging markets. The world fleet is expected to double by 2032, according to the forecast.