Boeing unveiled its 2022 Commercial Market Outlook (CMO) for India at the ongoing airshow, forecasting a long-term passenger growth rate of nearly seven per cent annually through 2041.
This growth will be largely driven by the strength of the domestic market, which has recovered to 98 per cent of pre-pandemic levels, India’s traffic has transitioned from recovery to growth. As a result, Indian airlines will add seven per cent more supply in the first half of 2023, compared to 2019.
“The Indian market is recovery rapidly and its domestic capacity has exceeded 2019 levels, with domestic traffic expected to double by the end of this decade,” said Dave Schulte, Boeing Commercial Marketing managing director for Asia Pacific. “Indian carriers will outpace global growth at nearly seven per cent and more than 80 per cent of new airplane deliveries to this market will be for growth, while 20 per cent of new airplanes will be for replacement of aging jets. This trend exemplifies India’s commitment to modernizing its fleet with more sustainable and fuel-efficient next-generation airplanes.”
Due to the rapid growth of its domestic traffic, Boeing forecasts that 90 per cent of new airplane deliveries to India will be for single-aisle airplanes like the 737 MAX over the next 20 years.
India will require approximately 2,210 new airplanes over the next two decades of which 1,983 units will be for single-aisle jets, while 227 units or 10 per cent of new airplane deliveries will be for widebody airplanes.
In addition, the India cargo market will also continue to expand over the next two decades to meet demand.
The cargo fleet will grow from about 15 airplanes today to about 80 airplanes by 2041.
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