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Global aerospace major Boeing predicted that air carriers in India will need 2,380 commercial airplanes, valued at USD 330 billion, to handle the growing demand for air travel over the next 20 years.
To operate and maintain the expanding fleet, operators are expected to spend USD 440 billion on aviation services, including ground, station and cargo operations, along with maintenance and engineering.
The forecast is part of Boeing's annual India Commercial Market Outlook (CMO) that was released in New Delhi on Wednesday. While many of the new airplanes will replace ageing aircraft, most will help operators grow their network as India's airplane fleet is projected to quadruple in size to approximately 2,500 airplanes by 2038.
"It is impressive to witness the passenger growth in India. This market continues to be one of the fastest-growing in the world. Over the past decade, domestic air traffic has tripled, while international air traffic has more than doubled. And we see tremendous potential for even more growth as India's middle class expands and more consumers are able to fly," said Darren Hulst, deputy vice president of Commercial Marketing for The Boeing Company.
"In the next few years, we see commercial operators expanding their networks to offer more direct flights domestically and open new long-distance options for passengers," he said.
Low-cost carriers continue to lead in the Indian market having expanded six-fold in the last decade. India also added approximately 30 international city pairs in the past year, and the 10 longest haul routes are all flown by Boeing wide-bodied aircraft.
In India, single-aisles will lead the demand for airplane deliveries -- comprising 87 per cent of all new airplanes -- to meet requirements for domestic network connections and service to new airports. Widebody airplanes will make up 13 per cent of new airplane deliveries, helping to enable new long-range flights.
"To support this successful and continued growth of the aviation market in India, Boeing is committed to developing the Indian aerospace ecosystem," said Salil Gupte, president of Boeing India.
"Our ongoing investments in India span across development of aerospace technology, innovation, production capacity, supply chain, aerospace skilling centres, manufacturing and modernization of airport infrastructure and airspace," Gupte added.
Beyond India, the global commercial jet fleet is expected to double in size by 2038 as airlines will need 44,000 new airplanes valued at USD 6.8 trillion, and demand more than USD 9 trillion in aviation services.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)