Boeing projects India and South Asia's air traffic will grow 7% annually over 20 years, requiring nearly 3,300 new airplanes by 2044. The region's fleet is set to quadruple, driven by domestic travel and economic growth.
India and South Asia's passenger air traffic will rise an average of 7% annually over the next 20 years, spurred by a growing middle class, economic growth and airport and connectivity investments, Boeing [NYSE: BA] said today.
Massive Fleet Expansion Forecasted
That demand for air travel means airlines will need nearly 3,300 new airplanes by 2044 as projected in the company's Commercial Market Outlook (CMO) for South Asia, an official statement read. Single-aisle jets will account for nearly 90% of these projected deliveries as airlines look to boost network flexibility on fast-growing short- and medium-haul routes.
Domestic Travel as a Key Driver
Accounting for growth and replacement, the Indian and South Asian region's fleet will grow from 795 to 2,925 airplanes in two decades - a nearly four-fold increase over that time. Domestic travel that connects India will underpin this expansion, supported by a continuing shift from rail to air and investments in the country's airport infrastructure.
"As air travel becomes more integral to how people and goods move in India and South Asia, airlines will strengthen networks, scale fleets and invest in services and technical personnel to support long-term growth," said Ashwin Naidu, Boeing managing director of Commercial Marketing, Eurasia and Indian Subcontinent. "More efficient, versatile airplanes will enable robust growth opportunities for the region's established and emerging airlines," Naidu added.
Growth in International and Cargo Markets
Indian and South Asian airlines are also projected to expand and diversify their long-haul networks as India grows as a key hub for international passenger and cargo traffic. The South Asia region's widebody fleet will more than triple by 2044 as carriers enable millions of Indian and South Asian passengers to travel to international markets, including the Middle East, Europe and North America, a statement read.
Freighter Fleet to Expand Five-Fold
In the cargo market, high-tech manufacturing growth in India and the increasing role of e-commerce will boost the need for more freighter airplanes. The South Asia region's fleet of new and converted freighters is expected to grow five times its current size over the next two decades to support rising air cargo demand.
Ecosystem Investment and Workforce Needs
To support the expected fleet growth, investment in the South Asia region's industry will require more than $195 billion in aviation services, including maintenance, repair and modifications, digital services and training.
Demand for 141,000 New Aviation Professionals
Boeing projects the India and South Asia aviation industry will also need approximately 141,000 new professionals, including about 45,000 pilots, 45,000 technicians and 51,000 cabin crew, over the next two decades, a statement further read. (ANI)
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