Boeing has released its annual Current Market Outlook (CMO) for India during a briefing in Mumbai. The company forecasts a demand for 1,850 new airplanes in India, valued at $265 billion, over the next 20 years.
According to the CMO, single-aisle airplanes 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 airplanes.
Boeing predicts deliveries of 280 widebody aircraft over the period. Today Boeing claims to hold an 85% share of the Indian widebody market.
Other highlights from the annual outlook include:
- traffic growth in India remains the highest in the world at 8.6%,
- domestic passenger traffic increased 21% from 2015,
- low cost carriers account for more than 60% of all flights.
Boeing projects a worldwide demand for 39,620 new airplanes over the next 20 years, with India carriers needing more than 4.6% of the total global demand.