IBEF: April 08, 2021
Owing to India’s rising economy and developing middle class, Boeing forecasts robust aviation growth in the county over the next 20 years, boosting demand for more than 2,200 new jets worth nearly US$ 320 billion.
Boeing's India forecast was published as part of the company's annual Commercial Market Outlook (CMO), which expects stable long-term demand for commercial air travel.
From the COVID-19 pandemic, the domestic passenger traffic in the country has recovered more quickly than in most other countries and regions, with recently touching 76% of pre-pandemic levels.
India has the world's third-largest passenger market. Throughout the forecast period, its economy is projected to expand at a rate of 5% annually, the highest of any emerging market
According to the CMO, the country's passenger traffic is expected to outpace global growth, doubling from pre-pandemic levels by 2030.
India's manufacturing and e-commerce sectors are projected to drive annual air cargo growth of 6.3% over the next 20 years. The 'Make in India' initiative is expected to assist the Indian domestic market's above-average cargo traffic rise.
Mr. David Schulte, managing Director of regional marketing, Boeing, said, “International markets provide opportunities for Indian carriers to expand.”
He said, “Several airlines have planned to begin nonstop routes between India and North America in response to passenger demand for direct flights.”
During the forecast era, India's civil aviation industry would need nearly 90,000 new pilots, technicians, and cabin crew members, with an increasing number of women opting for aviation careers.
Mr. Salil Gupte, President of Boeing India, said, “Due to India's growing manufacturing and services industries, the country is well placed to become a global aerospace hub.”
He said, “We stay committed to working with partners across India to build the country's aerospace ecosystem, as increasing investments in civil aviation infrastructure and talent would enable the country to grow sustainably.”
Boeing estimates that over the next two decades, the world will need 43,110 new commercial aircraft, with demand for aftermarket services totaling US$ 9 trillion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.