INDIA TO LEAD COMMERCIAL AVIATION RECOVERY IN SOUTH ASIA

According to Boeing’s 2023 Commercial Market Outlook, India and South Asia are expected to have over 2,705 new airplane deliveries until 2042

- AYUSHEE CHAUDHARY

IN A PIVOTAL MOMENT FOR THE AVIATION INDUSTRY, BOEING’S latest forecast positions South Asia, led by India, as the fastest-growing commercial aviation market globally. Propelled by India’s robust economy and a burgeoning middle class, the region is poised to experience an impressive annual traffic growth of over 8 per cent in the next two decades.

Boeing’s Commercial Market Outlook (CMO) reveals that South Asian carriers are gearing up to quadruple their fleets, necessitating the addition of more than 2,700 new airplanes over the next 20 years. This substantial expansion is a strategic response to the escalating demands of both passengers and cargo.

At the heart of this aviation boom is India, where the expanding middle class is playing a pivotal role in driving regional air travel. Boeing anticipates that carriers in the South Asian region will require an extensive fleet expansion to meet this surge in passenger and cargo demand.

“Indian low-cost carriers continue to stimulate demand and connect emerging regions with low fares, holding nearly a 90 per cent share of all domestic seats in the region. This reflects the rapid pace of the region’s recovery and economic activity, as traffic and capacity now exceed pre-pandemic levels,” said Darren Hulst, Boeing Vice President of Commercial Marketing.

While focusing on South Asia, Boeing’s forecast also shed light on the broader global aviation landscape. The industry is on a trajectory to return to pre-pandemic traffic levels, with a forecasted demand for over 42,000 new airplanes in the next two decades. This resurgence is underpinned by a recovery in domestic and regional markets, closely followed by a rebound in international travel.