India will need 1,740 new airplanes in 20 years: Boeing

World's leading aircraft manufacturer Boeing on Thursday said it forecast a demand for 1,740 new airplanes worth around $240 billion over the next 20 years in India.

"India's economy and the country's potential for air travel growth, both for leisure and business, continues to be strong and we remain confident in the Indian commercial aerospace market," said Boeing Commercial Airplanes' senior vice President, Asia Pacific and India Sales, Dinesh Keskar.

He released the company's annual 'India Current Market Outlook' which predicts that the South Asian region would have among the highest air traffic growth of 8.6 percent.

About India, Keskar said that the biggest demand will be for single-aisle airplanes like the next-generation 737 and the new 737 MAX, even as the demand for twin-aisle airplanes like 777 and 787 Dreamliner families would continue.

"The number of low-cost carriers is projected to grow to more than 30 percent of the total Indian market. This is a highly competitive market and airlines are adapting with added capacity, moderate pricing discipline and new business models, such as the growing number of low cost carriers," he told media persons here.

The next-generation 737's market success has been confirmed by investors who consistently rank it as the most preferred single-aisle airplane due to its wide market base, superior performance efficiency and lowest operating costs in its class, he said.

The 737 MAX will build on its strengths by incorporating the latest technology to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market, he added.

Keskar noted that the 777 family provides the most payload and range capability and growth potential in the medium-sized airplane category, all with low operating costs.

Building on the passenger-preferred and market-leading 777 family of airplanes, the 777X family includes the 777-8X and the 777-9X, both designed to respond to market needs and customer preferences.

Similarly, the 787 Dreamliner is an all-new, super-efficient family of commercial airplanes that brings big-jet ranges and speed to the middle of the market, designed with superior fuel efficiency, allowing airlines to profitably open new routes to fly people directly where they will like to go in exceptional comfort.

"Since entering service in 2011, the 787 family has opened more than 50 new nonstop routes around the world," Keskar said, adding that the Boeing airplane family meets customer needs with superior economics, fuel efficiency, improved environmental performance and a great passenger experience.

Globally, Boeing has projected a demand for 38,050 new airplanes over the next 20 years, with India accounting for more than 4.5 percent of the total demand worldwide.