India could spend as much as $265 billion in the next 20 years to fulfil its demand for 1,850 aircrafts, making it the fastest growing aviation market in the world, according to Boeing's annual Current Market Outlook.
“India continues to have a strong commercial aerospace market and the highest domestic traffic growth in the world,” said Dinesh Keskar, senior vice president, Asia Pacific and India Sales, Boeing Commercial Airplanes. “With the new aviation policies in place, we see even greater opportunities and remain confident in the market and the airlines in India.”
According to Boeing’s report, single-aisle airplanes such as the Next-Generation 737 and 737 MAX will continue to account for the largest share of new deliveries, with airlines in India needing approximately 1,560 airplanes. These new airplanes will continue to support the growth of low-cost carriers and replace older, less-efficient ones.
“Boeing’s strong orders and deliveries for the Next-Generation 737 and 737 MAX underscore how we are meeting our customers’ demands and expectations, offering them the most fuel efficient, reliable and capable airplanes,” said Keskar. “We also continue to be the preferred choice for wide-bodied airplanes in India, with more than 85 per cent of the market share.”
Boeing projects a worldwide demand for 39,620 new airplanes over the next 20 years, with India carriers needing more than 4.6 per cent of the total global demand.