Boeing expects record orders from India over next 20 years. According to the company forecasts and projections, the Indian airlines will order up to 2,100 new aircraft worth 290 billion USD, calling it the highest-ever forecast for Asia’s third-largest economy. The aircraft manufacturer schedules that bulk of the orders will be single-aisle planes 737 and 737 Max.
“The increasing number of passengers combined with a strong exchange rate, low fuel prices and high load factor bodes well for India’s aviation market, especially for the low-cost carriers”, said the senior vice president of Boeing Commercial Airplanes for Asia Pacific and India regions, Dinesh Keskar. “Our forecast for the country could even increase next year, depending on how India’s regional connectivity plan plays out”, added he.
The prediction by Boeing comes in light of the fact that the Indian aviation sector has seen the fastest growth rate in the world with above 20 per cent annual increase in the domestic passenger traffic the past few years. Continuous offers on flight tickets have also played their part in driving up the number of passengers opting for air travel in the past few months. With the number of flyers going up, airlines are likely to add more airplanes to their fleet.
Passenger growth in Southeast Asia is expected to grow by 8% annually over the next 20 years, with the bulk of those gains driven by India. For comparison, the world average of passenger growth is seen at around 4.7%.