Indian airlines will need to purchase 2,100 new jet aircraft valued at US$290 billion over the next 20 years, a new report has predicted.
According to Boeing’s latest Current Market Outlook for India, which was announced during a briefing in Delhi, the demand will be driven by single-aisle aircraft such as the Boeing 737 MAX or Airbus A320neo, which will account for 1,780 aircraft, or 85% of the total. The remaining 15%, or 320 aircraft, will be twin-aisle jets like the Boeing 777 or 787, Airbus A330 or A350.
“Commercial aerospace demand in India continues to grow at unprecedented rates,” said Dinesh Keskar, Boeing’s senior vice president of Asia Pacific & India sales. “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.”
The single-aisle market is likely to be driven by India’s low-cost carriers, including IndiGo, SpiceJet, GoAir and AirAsia India, while twin-aisle demand will be led by full-service international carriers like Jet Airways and Air India. Boeing currently has an 85% share of the Indian twin-aisle aircraft market.
Boeing projects a worldwide demand for 41,030 new airplanes over the next 20 years, with India carriers needing more than 5% of the global total.