BOEING INDIA WILL BE THE FASTEST-GROWING AVIATION MARKET

Boeing anticipates a substantial demand for approximately 2,900 new aircraft in the region over the next twenty years. This figure indicates a four-fold rise compared to current numbers. NIDHI SHARMA dissects the numbers and how it will impact Indian carriers.

- NIDHI SHARMA

The aviation world agrees that the industry is soaring to new heights and India and South Asia, among the world's fastest-growing aviation markets, are at the heart of this development. Boeing forecasts an enormous demand for nearly 2,900 new aircraft in the region, over the next two decades, underscoring its growing significance in global air travel. This represents a four-fold increase compared to current figures. The US aerospace giant had previously projected a demand for 2,705 aircraft in its rolling 20-year market outlook released last year.

The aircraft manufacturer further stated that airlines in India and South Asia will receive 2,445 single-aisle aircraft, accounting for approximately 90 per cent of total deliveries over the next 20 years. Additionally, the region's widebody fleet is expected to quadruple, with the addition of 370 aircraft.

But what's fuelling this remarkable growth? And what does it mean for the future of air travel?

"People will have greater access to air travel, and the region's airlines will require a modern fuel-efficient fleet to meet increased demand over the next two decades," according to Ashwin Naidu, Managing Director, Commercial Marketing, India and South Asia, Boeing.

Boeing has ambitious plans for India and South Asia.

Overall, by 2043, the world will require 44,000 new aircraft to meet the rising demand for air travel according to global trade projections. Boeing also projected that air traffic in the region will grow by more than seven per cent annually through 2043.