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Sunday, February 25, 2024

Boeing Forecasts Significant Aircraft Demand in India by 2042

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Hyderabad- Boeing, a prominent aerospace company, estimates a substantial demand for over 2,500 new aircraft in India by 2042 to meet the burgeoning requirements of its expanding civil aviation sector. Darren Hulst, Vice President of Commercial Marketing at Boeing, shared this projection during a press conference at the Wings India 2024 aviation conclave.

Highlighting the growth potential in South Asian countries, particularly India, Hulst indicated that airlines in the region are expected to quadruple their fleets over the next two decades. The forecast, based on last year’s data, suggests a need for more than 2,705 new airplanes by 2042, with India accounting for over 92% of this demand, equivalent to more than 2,500 aircraft.

Boeing anticipates that the South Asia region will witness the fastest growth in the commercial aviation market, with an annual traffic growth exceeding eight percent over the next two decades. Of the projected 2,705 new deliveries, 72% will support fleet expansion, while 28% will replace older aircraft with more fuel-efficient models. The forecast indicates that single-aisle airplanes will make up over 85% (2,320) of the new deliveries, with 380 wide-body planes and five freighters also in demand.

Looking ahead, Hulst envisions a substantial increase in India’s cargo fleet, expecting it to grow from the current 15 freighter aircraft to 80 over the next two decades. He acknowledged the role of Indian low-cost carriers in stimulating demand and connecting emerging regions with affordable fares, highlighting their dominance with nearly a 90% share of all domestic seats in the region.

Despite the challenges posed by the COVID-19 pandemic, Hulst expressed confidence in the robust recovery of India’s aviation sector, emphasizing the country’s swift rebound to air traffic levels exceeding pre-pandemic figures both domestically and internationally. He noted that strong economic growth and confidence in the commercial aviation market have resulted in record orders for new and more efficient airplanes in India.

Looking forward, Hulst believes that the gap created by the pandemic’s impact on the demand and supply of aircraft could be bridged within the next five years. He specifically highlighted the potential success of Boeing 777X, especially in the Indian market, with the latest wide-body aircraft showcased at the Wings India event.

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