JOIN USAircraft manufacturing giant Boeing has said that India will now require 1,850 new aircraft valued at $265 billion over the next 20 years.
The company had said last year that India will need 1,740 new aircraft valued at $240 billion over the next 20 years.
“India continues to have a strong commercial aerospace market, and the highest domestic traffic growth in the world,” Boeing Commercial Airplanes Senior Vice President (Asia Pacific and India Sales) Dinesh Keskar said.
“With the new aviation policies in place, we see even greater opportunities and remain confident in the market, and the airlines in India,” Keskar added.
Boeing has revised its aircraft projections for the next 20 years upwards by over 6%. According to Boeing, single-aisle airliners, such as the next-generation 737 and 737 MAX, will continue to account for the largest share of new deliveries, with airlines in India needing approximately 1,560 aircraft.
These new aircraft will continue to support the growth of low-cost carriers and replace older, less-efficient planes. Boeing projects a worldwide demand for 39,620 new planes over the next 20 years, with Indian carriers needing more than 4.6% of the total global demand.
Keskar was also hopeful of getting orders for wide-bodied planes from Indian carriers. “I am hopeful that Indian carriers will start ordering wide-bodied planes in the future. Vistara is certainly a candidate for it,” he said.
Attributing the bullish outlook to the new aviation policy, favourable demographics and low fuel prices, Keskar said, “India continues to have a strong commercial aerospace market and the highest domestic traffic growth in the world.”
Keskar also commented on the government’s regional connectivity push, saying even as it has capped prices, the promise of refunding 80% of losses, if any, will help the airlines drive the business.