India will need 2,380 new commercial airplanes, valued at US$330 billion, to handle the growing demand for air travel over the next 20 years, as per Boeing’s annual India Commercial Market Outlook (CMO).
Speaking about the India market, Darren Hulst, Deputy Vice President, Commercial Marketing, The Boeing Company, said, “India will be amongst the world leaders in aviation sector in the coming years. Over 200 million households will be above US$ 20,000 income by 2035; this rise in middle class is the key for growth. Indian economy will grow by five times in next 30 years and by 2045, India will be the third largest economy. Over 9.2 per cent of Indian GDP is driven by the travel and tourism segment. India is the fastest growing aviation market with a delivery demand of 2,380 aircrafts and a traffic demand of close to eight per cent.”
Globally, aviation sector has maintained a steady growth and Asia has been the centre of growth. Overall, airlines will need 44,000 new aircrafts in the next 20 years with 32,420 single aisle; 2,240 regular jets and 1,040 freighters. Last year, the global fleet size was 28,830 which will almost double in 2028 at 50,660, with half of the aircrafts being used for growth, and rest to replace the existing fleet.
“20 years ago, the concentration of flights was in the North America and Western Europe. Today, Asia market has evolved drastically. Last year, the size has doubled to 110,000 flights per day in Asia. Today, around 12 million passengers board an aircraft every day. In 1988, 1.1 billion passengers travelled by air, in 2019 this number has grown to 2.6 billion. Almost 300 million passengers are added each year. Aviation adds US$ 2.7 trillion to the global economy, supports 65.5 million jobs and 3.6 per cent of the global GDP. The aviation market is resilient, sustainable and productive. Despite global slowdown and slow growth, aviation has grown strongly,” Hulst added.
In India, Boeing serves to Spice Jet, Air India, Vistara, and Jet Airways. Out of the demand of 2,380 planes, the Indian fleet basically consists of large requirement for further growth. Close to 79 per cent of the fleet is for growth and expansion and 20 per cent is for replacement.
09/12/19 T3
To Read the News in full at Source, Click the Headline
Speaking about the India market, Darren Hulst, Deputy Vice President, Commercial Marketing, The Boeing Company, said, “India will be amongst the world leaders in aviation sector in the coming years. Over 200 million households will be above US$ 20,000 income by 2035; this rise in middle class is the key for growth. Indian economy will grow by five times in next 30 years and by 2045, India will be the third largest economy. Over 9.2 per cent of Indian GDP is driven by the travel and tourism segment. India is the fastest growing aviation market with a delivery demand of 2,380 aircrafts and a traffic demand of close to eight per cent.”
Globally, aviation sector has maintained a steady growth and Asia has been the centre of growth. Overall, airlines will need 44,000 new aircrafts in the next 20 years with 32,420 single aisle; 2,240 regular jets and 1,040 freighters. Last year, the global fleet size was 28,830 which will almost double in 2028 at 50,660, with half of the aircrafts being used for growth, and rest to replace the existing fleet.
“20 years ago, the concentration of flights was in the North America and Western Europe. Today, Asia market has evolved drastically. Last year, the size has doubled to 110,000 flights per day in Asia. Today, around 12 million passengers board an aircraft every day. In 1988, 1.1 billion passengers travelled by air, in 2019 this number has grown to 2.6 billion. Almost 300 million passengers are added each year. Aviation adds US$ 2.7 trillion to the global economy, supports 65.5 million jobs and 3.6 per cent of the global GDP. The aviation market is resilient, sustainable and productive. Despite global slowdown and slow growth, aviation has grown strongly,” Hulst added.
In India, Boeing serves to Spice Jet, Air India, Vistara, and Jet Airways. Out of the demand of 2,380 planes, the Indian fleet basically consists of large requirement for further growth. Close to 79 per cent of the fleet is for growth and expansion and 20 per cent is for replacement.
09/12/19 T3
0 comments:
Post a Comment