Hyderabad, Jan 19 Boeing estimates India will need more than 2,500 new aircraft by 2042 to cater to the needs of its growing civil aviation market.
Addressing a news conference at Wings India 2024, the civil aviation conclave and exhibition, Boeing's Vice President, Commercial Marketing, Darren Hulst said that airlines based in south Asian countries, including India, are expected to quadruple their fleet over the next two decades.
Based on the forecast given last year, he estimates that the airlines in South Asia will require more than 2,705 new airplanes by 2042. India will account for over 92 per cent of this demand or more than 2,500 aircraft.
According to the company forecast, the South Asia region will become the fastest-growing commercial aviation market with more than eight per cent annual traffic growth over the next two decades.
Of the 2,705 new deliveries in the region, 72 per cent will support fleet growth while 28 per cent will replace older jets with more fuel-efficient models.
The US aerospace major expects that single-aisle airplanes will account for more than 85 per cent (2,320) of new airplane deliveries. There will be a requirement of 380 wide body planes and five freighters.
He expects that over the next two decades the India cargo fleet will go up to 80, up from 15 freighter aircrafts now.
Hulst said that Indian low-cost carriers continue to stimulate demand and connect emerging regions with low fares. He mentioned that these carriers hold nearly a 90 percent share of all domestic seats in the region.
He pointed out that India is the only large economy in Asia whose air traffic and capacity exceeded pre-pandemic levels both domestically and internationally, reflecting the rapid pace of recovery and economic activity.
"Strong economic growth and confidence in the commercial aviation market have led to record orders for new and more efficient airplanes in India," Hulst said.
He believes that the gap caused by Covid in the demand and supply of aircraft could be bridged in another five years. He expects that Boeing 777X will be a hit, especially in India.
Boeing is displaying the latest wide body aircraft at Wings India.
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