Boeing Estimates India Will Need 2,500 New Aircraft By 2042
HYDERABAD, (IANS) – Boeing estimates India will need more than 2,500 new aircraft by 2042 to cater to the needs of its growing civil aviation market.
Based on the forecast given last year, the company estimates that the airlines in South Asia will require more than 2,705 new airplanes by 2042 and India will account for over 92 percent of this demand.
According to the company forecast, the South Asia region will become the fastest-growing commercial aviation market with more than eight percent annual traffic growth over the next two decades.
Of the 2,705 new deliveries in the region, 72 percent will support fleet growth while 28 percent will replace older jets with more fuel-efficient models.
The US aerospace major expects that single-aisle airplanes will account for more than 85 percent (2,320) of new airplane deliveries. There will be a requirement for 380 widebody planes and five freighters.
Boeing estimates that over the next two decades, the India cargo fleet will go up to 80, up from 15 freighter aircraft now.
Indian low-cost carriers continue to stimulate demand and connect emerging regions with low fares. These carriers hold nearly a 90 percent share of all domestic seats in the region.
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.