US aviation giant Boeing has forecast a demand for 1,850 new airplanes in India, valued at $265 billion, over the next 20 years, according to the company’s annual Current Market Outlook (CMO) for the country.
“India continues to have a strong commercial aerospace market and the highest domestic traffic growth in the world,” said Dinesh Keskar, senior vice president, Asia Pacific and India Sales, Boeing Commercial Airplanes. “With the new aviation policies in place, we see even greater opportunities and remain confident in the market and the airlines in India.”
According to Boeing’s CMO, single-aisle airplanes will continue to account for the largest share of new deliveries, with airlines in India needing approximately 1,560 airplanes.
The new civil aviation policy, which lays emphasis on regional connectivity and has relaxed conditions to fly abroad, should spur further demand, Boeing said.
Now, local airlines that have at least 20 planes can fly abroad while earlier they were also required to have five years of operational experience to operate overseas flights. “There are many things in the policy which are growth oriented… One is 5/20 norm becoming 0/20 allows more airlines to go international which will (also) allow them to potentially consider buying more wide-bodied aircraft,” Keskar said.
“I am not saying by tomorrow, but at least now the door is open.”
While emphasising that India continues to have a strong commercial aerospace market and the highest domestic traffic growth in the world, he said implementation of the regional connectivity scheme would also be a key.