Boeing Co downgraded its outlook for India’s commercial aviation market despite improving traffic, saying the country will need 2,210 new planes over the next two decades, down from a forecast of about 2,240 last year.
In its latest outlook on the Indian market, Boeing said single-aisle jets such as the 737 Max will dominate, with 1,983 – or 90% – of deliveries, with the remaining 227 sets being widebodies. Last March, it said that India would need only 2,000 narrow body and 240 wide bodies in the next 20 years.
“More than 80% of new airplanes in this market will be for development, while 20% of new airplanes will be replacements for older jets,” Dave Schulte, Boeing’s managing director of Asia Pacific commercial marketing, said in a statement Tuesday.
Boeing said India’s air traffic is “moving from recovery to growth”, returning to 98% of pre-pandemic levels, with domestic traffic expected to double by the end of the decade.
India’s air freight market will also expand. “The cargo fleet will grow from about 15 airplanes today to approximately 80 airplanes by 2041,” Boeing said.
China remains a big market for Boeing — it expects the country to need 8,485 new planes by 2041.
The text of this story is published from a wire agency feed without any modification.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,