Boeing thinks India is the largest growing market for civilian aviation and also that it will need over 2100 planes worth $290 billion over the next 20 years.
We are one of the largest and fastest growing economies across the world and now the American aircraft maker giant thinks that we are the largest market for aviation – this is a great progress. Boeing thinks that India will need over 2100 new airplanes within two decades and they just got the “dollar-eyes” drooling over the market with potential sales of $290 billion. Indians love air travel, well everyone does because it is easier and faster, but we Indians have a special woo because air travel is still a woo, you know?
If you think eh, just 2100 aircrafts in 20 long years, let me tell you this – Indian airline have a fleet of 490 planes at present, together. So 2100 will mean an expansion which is over four times the present fleet size. Commercial aviation sector is continuously growing in India, thanks to the lower fuel price, higher load capacity, strong currency, increasing demand and strengthening economy. The last one is most important one because it is simple that they have money, they will fly.
Boeing also says that Indian economy will grow to third largest by 2037 with only US and China ahead of it. Which means greater commercial aviation demands and Boeing sees a huge, huge market in future. Boeing isn’t just shooting in the air, it is talking stats because India’s domestic air traffic grew 17.7% in May – the highest growth rate globally, according to International Air Transport Association (IATA). With that pace, we would require even more than 2100 aircrafts, but let’s not ignore the immense need of more airports, infrastructure – that is where India might run short. But we have long way to go, or rather long way to fly.