Boeing is forecasting that India will require 2,100 new aircraft over the next 20 years, raising the figure from last year's forecast of 1,850 aircraft.
This represents more than 5% of the total global demand, and is expected to come in at $290 billion, said the airframer in its annual market outlook for the subcontinent.
Of the 2,100 aircraft needed through to 2036, 1,780 are narrowbodies and 310 widebodies. Only 10 regional jets, with 90 or fewer seats, are required.
These figures compare to 2016's forecast of 1,560 narrowbodies, 280 widebodies, and 10 regional jets.
In its report, Boeing adds that traffic growth for India is "more than 20%... far exceeding the global average of 7.3%", and that domestic passenger traffic increased 23% from 2016. Low-cost carriers continue to account for more than 60% of all flights.
“Commercial aerospace demand in India continues to grow at unprecedented rates,” says Dinesh Keskar, senior vice-president of Asia-Pacific and India sales. “The increasing number of passengers combined with a strong exchange rate, low fuel prices and high load factors bodes well for India’s aviation market, especially for the low-cost carriers.”
Keskar adds that Boeing maintains a dominance in the widebody segment, with a marketshare of 85%.