CHICAGO: Boeing sees booming demand for narrow-body jets in India to serve soaring domestic travel. The Indian aviation market will need $320 billion in new jets over the next 20 years to meet the growing demand from domestic passenger traffic, according to Boeing (BA).
Boeing sees the need for 2,300 new jets in the Indian aviation market over the next two decades as low-cost carriers proliferate and the growing middle class takes to the skies.
“This will continue to drive the growth of India’s middle class and its propensity to travel both domestically and internationally, resulting in the need for more new fuel-efficient short- and long-haul airplanes,” said Dinesh Keskar, Boeing Commercial Airplanes’ Senior Vice President of sales for Asia Pacific and India, in the news release.
Boeing predicts that 5% of the world’s total fleet will operate in India by 2037. This will increase the demand for narrow-body jets.
“The success of this market segment will mean more than 80% of all new airplane deliveries in India will be single-aisles,” Keskar said.
Earlier this year, India’s Jet Airways ordered 75 Boeing 737 Max jets for $8.8 billion at list prices. But Boeing is not alone in the key Indian market.
Airbus (EADSY) is also courting SpiceJet, IndiGo and other airlines in India’s fiercely competitive aviation market.