India would require 1,320 new airplanes worth $150 billion (Rs 6,75,000 crore) in the next two decades as the economy aims for double-digit growth, Boeing, the largest manufacturer of commercial jetliners, said in its annual forecast.
The forecast from the Seattle-based aviation giant was 15% higher than projections of 1,150 planes valued at $130 billion (Rs 5,85,000 crore) over 20 years up to 2029 that it announced last year.
“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.
Globally, Boeing has forecast a market for 33,500 new passenger aircraft and freighters worth $4 trillion (R180 lakh crore) between 2011-2030.
Asia Pacific would be the region where demand would be maximum for new airplanes and Boeing expects at least 11,450 new deliveries worth around $1,510 billion (Rs 67,95,000 crore) in the region in the next two decades.
“The economy continues to do well. Indian air carriers are becoming profitable and we expect the GDP to maintain its upward trend in the long-term. As a result, both the air travel and air cargo markets will grow,” Keskar said.
Domestic passenger traffic in India touched 53.6 million and there were 13.1 million international passengers in 2010-2011. Boeing said the passenger traffic was expected to grow at 8.1% annually over the long-term while globally it is expected to grow at 5.1%.
“The need is great for new airplanes that can efficiently and profitably fly short and long haul routes. This demand is driven by growth in developing and emerging cities and the need to replace an aging fleet,” Keskar said.
Keskar said Boeing would deliver the first of the 27 B-787 Dreamliners to Air India in the fourth quarter, but he did not specify the delivery schedule.