India will acquire 2,380 new aircraft in the next 20 years, says Boeing

Aircraft maker Boeing has forecasted that India will require at least 2,380 new airplanes valued at US $330 billion in the next 20 years, 80 more than it predicted last year.

According to Boeing's annual India Commercial Market Outlook (CMO) 2019, factors such as exponential domestic passenger traffic growth, new long-haul opportunities, and infrastructure development will lead to the fulfillment of the demand forecast.

"To operate and maintain the expanding fleet, operators are expected to spend $440 billion on aviation services, including ground, station and cargo operations, along with maintenance and engineering," the 2019 CMO said.

"In India, single-aisles will lead the demand for airplane deliveries, comprising 87% of all new airplanes to meet requirements for domestic network connections and service to new airports. Wide-body airplanes will make up 13% of new airplane deliveries, helping to enable new long-range flights."

Darren Hulst, Senior Marketing Executive at Boeing, also affirmed that extensive connectivity, growth in the domestic market, and rise in middle-class spending are the driving forces behind the rapid growth of the Indian aviation industry.

The executive further confirmed that Boeing was working with regulators on returning the 737 MAX to service and that the company expected the model to return to commission in the fourth quarter in the United States.

The aerospace major said that India's fleet would quadrable in size - from the current 500 to 2,380 in 2038, adding that the global fleet would double in the next 20 years.

The company also forecasted that India will lead the aviation growth in the Asia - Pacific region as private consumption will be higher in India in coming years.

India's passenger traffic had risen at around 20% in recent years, making it one of the world's fastest-growing aviation markets, but growth has stumbled this year following the collapse of Jet Airways Ltd in April and softer economic conditions.