By IANS,
New Delhi : US aircraft major Boeing Wednesday forecast that the Indian aviation market would require up to 1,320 commercial planes, worth $150 billion, over the next 20 years to cater to the ever increasing passenger demand.
“Robust growth with new economic prosperity amongst a massive Indian population, discretionary incomes, business progress and access to airports will increase airplane demand,” said Boeing India president Dinesh Keskar while releasing the company’s outlook for the Indian market.
The company said this demand for new and replacement aircraft was being fuelled by increasing demand for passenger and cargo carriage.
“This demand is driven by growth in developing and emerging cities, demand from low-cost carriers and the need to replace aging fleets,” the report said.
During fiscal 2010-12 that ended March 31, domestic passenger traffic touched 53.6 million, while international traffic increased to 13.1 million.
Passenger traffic is expected to grow at 8.1 percent annually over the long term, said the report.
Segment-wise, the report said that the demand for single-aisle airplanes would be the highest in the coming 20 years. The market for fuel-efficient aircraft in all segments would also be high.
Currently, Boeing’s long-haul aircraft like the B-777 and the B-747s are in operation with Indian carriers on their international routes. The company’s popular single-aisle B-737s are deployed on both international and domestic operations.
Globally, Boeing has forecast a demand for new aircraft worth $4 trillion over the next 20 years.