The growth for South East Asia market is pegged at 5.5 percent, China (5.4 percent), Africa (5.4 percent), and Latin America (4.8 percent), as per Boeing
The projection is based on an over 20-year horizon and the growth could be much higher in the near-term
Planemaker Boeing Co expects Indian airlines to boost their capacity by at least 25% over the next year as demand rebounds quickly in the world’s fastest-growing major market, an executive said on Thursday.
The company said on Thursday said India’s air traffic is projected to see a nearly 7 percent annual growth through 2040.
Strong recovery is gaining further momentum in Indian aviation and it is one of the fastest growing markets, Boeing Managing Director (Marketing) David Schulte said here.
According to him, India’s airlines will lead air traffic growth through 2040, growing at a rate of 6.9 percent.
“We are forecasting airlines to rebound quickly and add 25-plus percent annual seats back into the market,” Dave Schulte, the managing director for regional marketing at Boeing Commercial Airplanes, told reporters.
Indian skies are dominated by low-cost carriers including IndiGo , SpiceJet ), GoFirst and AirAsia India, with the majority of them operating Airbus narrowbody planes.
Boeing dominates India’s widebody market but fare wars and high costs have led to casualties among full-service carriers, including Kingfisher Airlines in 2012 and Jet Airways in 2019, making LCCs and Airbus even more dominant.
But India’s newest budget carrier Akasa Air and new owners Tata and Sons at Air India and the Jalan-Kalrock consortium at Jet Airways are giving the U.S. planemaker hope of clawing back share in the Indian market as they eye more plane orders.
Akasa has 72 Boeing 737 MAX planes on order.
Boeing’s biggest customer in India, SpiceJet, said on Wednesday it plans to induct more MAX planes in its fleet even as it struggles to make timely payments to vendors and lessors, prompting some of them to deregister and take back planes.
The growth for South East Asia market is pegged at 5.5 percent, China (5.4 percent), Africa (5.4 percent), and Latin America (4.8 percent), as per Boeing.
The projection is based on an over 20-year horizon and the growth could be much higher in the near-term.
A significant number of Boeing planes are being operated by Indian carriers.
The Indian aviation sector is on the recovery path after being severely hit by the coronavirus pandemic.