India’s commercial aviation market has seen a growth of 400% in the last 10 years.
In the global aviation market, India is leading in the Asia-Pacific region’s growth story with regard to the commercial aviation market, a recent report titled “Indian Commercial Market Outlook” released by Boeing on Wednesday in New Delhi has revealed.
India has over 60% of the share of private consumption in the GDP in terms of the global aviation market, while the Asia-Pacific region has about 55% of the share, according to the Boeing report. The report further states that the Indian aviation market which experienced a slump at the beginning of 2019, has already picked up pace and is forecast to grow at about 7.5% of the real GDP growth between 2020 to 2025.
The Asia-Pacific region’s commercial aviation market is likely to grow at a little over 4% in terms of real GDP growth.
The airlines network has also been on the rise since the last 10 years and the commercial aviation market in India has witnessed a growth of 400% in the last 10 years. While in 2008, the weekly flights in India were just 1,118, it jumped to 4,501 weekly trips in 2018, according to the report.
Seeing this exponential growth in the Indian commercial aviation market, Boeing has forecast that air carriers in India will need 2,380 new commercial airplanes, valued at USD 330 billion, to handle the growing demand for air travel over the next 20 years and 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 last 10 years also witnessed a massive passenger growth in the Indian aviation market; since 2008, the domestic aviation passenger grew three times till 2018 and international passengers in India grew by 2.5 times and the Indian commercial aviation sector carried 184 million passengers in 2018 compared to 72 million in 2008.
Darren Hulst, Deputy vice president of Commercial Marketing for The Boeing Company, said, “It is impressive to witness the passenger growth in India. This market continues to be one of the fastest-growing in the world. Over the past decade, domestic air traffic has tripled, while international air traffic has more than doubled. And we see tremendous potential for even more growth as India’s middle class expands and more consumers are able
Hulst further added that in the next few years, commercial operators will be seen expanding their networks to offer more direct flights domestically and also open new long-distance options for passengers.
According to Boeing’s research, the Indian aviation sector has seen the biggest growth in the LCC (low cost carrier) segment which has expanded six fold in the last 10 years.
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.