Aircraft-maker Boeing expects Indian carriers to ramp up capacities by nearly 25 per cent in the immediate short to near term as air travel rebounds post withdrawal of pandemic-led restrictions and a pick-up in travel.
For the long term, the plane manufacturer is anticipating a near 7 per cent annual growth up to 2040; with immediate growth in air traffic “being much higher and tapering-off subsequently as the market matures”.
According to David Schulte, Managing Director (Marketing) Boeing, Indian aviation is witnessing a strong recovery momentum.
India top growth market
India continues to amongst the top growth markets for Boeing. “We forecast a near 25 per cent seat addition across India carriers as the sector witnesses a recovery in demand,” he said on the sidelines of an event here in the city.
According to Salil Gupte, President, Boeing India —“In this region, India is going to be the fastest-growing (aviation) market over a forecast period of 20 years. Some of that (projected) growth is actually faster than 7 per cent, then as the market matures it’s slower. But the average is up to 7 per cent over that time, which creates a tremendous opportunity for all of us involved in Indian aviation to support that growth, to not only passing your product in the domestic market but also in the international market.”
Growth for South East Asian market is pegged at 5.5 per cent, China (5.4 per cent), Africa (5.4 per cent) and Latin America (4.8 per cent).
The focus, he said, would be on developing the ecosystem in the country while India has the potential to come up as a supplier of raw material for OEMs in the sector.
Demand for narrow-bodied aircraft is expected to remain strong; while demand for wide-bodied planes (used in long distance travel) will also see growth. Boeing’s internal projections estimate that there will be a demand for 2,400 aircraft in India between 2021 and 2041, with nearly 80 per cent of them being narrow-bodied ones.
Across carriers, about 137-odd Boeing aircraft are in operation in India till August-end. At least two aircraft are expected to be delivered to Akasa in September. The company is also bullish on its freighter offerings here. It already owns around 90 per cent market share globally in the freighter plane category. Boeing anticipates demand for over 40 freighter planes across Indian markets in coming days.