In the light of new announcements by Boeing Co, the company is expecting to deliver approximately $300 billion worth of airplanes to Indian airlines within the next 20 years. In total the number of planes Boeing is planning to hand over is expected to reach 2,100. As Asia’s third largest economy, India deals with a fast growing domestic demand. As the number of domestic traffic continues to grow, due to an increasing number of passengers now flying for the first time, as well as other contributing factors, Indian aviation industry plans to catch up with competition and dominate the skies by expanding its capacity for fast growing business in the South Asia region.
As of last year, by creating price caps and building new airports for smaller cities, the Indian aviation industry has begun implementing plans to expand its domestic market, by developing better services and incentivizing air travel to small cities. As reports from the past few years reveal, this is mainly due to the fact that the country’s demand for domestic air travel is growing at a rate of 20 percent. This increase in the number of travelers as well as the general growth and development taking place in India has forced the country’s aviation governing body to implement changes in regulations for domestic carriers, enabling them to fly overseas, among other things.
Boeing, therefore, is well on its way to increasing forecast expectations. While demand for wide body airplanes continues to grow on a global scale, as evident by the launch of the company’s 737 MAX and the 777X families, the plane maker is catching up with its competition, according to the numbers. As revealed by Boeing, a total of orders for 41 thousand aircraft are expected globally and for the next 20 years. This means India’s impressive demand only counts for five percent of the total global need for Boeing technologies.
This means Boeing is slowly gaining momentum in the battle for the skies against its biggest rival, the European Airbus, which has just finalized a record $26.6 billion deal with Indian carriers. The competition between the two plane makers has been tense, as they compete for the shaping of global preference over wide body planes vs. narrow body models. However, the fight is far from over as the European airplane maker continues to perform successfully, by delivering its A320 plane family to over 400 different airlines around the world. IndiGo for example, which is India’s biggest airliner in terms of market share, has, according to Airbus’s CEO, only recently refreshed its commitment to taking in even more Airbus A320neo planes. This makes IndiGo the biggest costumer for Airbus, which will be making deliveries starting in 2018 and continuing the delivery until 2026. In little over a decade, India’s market forecast for air travel is expected to become the world’s third largest and that is plenty of reason for both companies to celebrate equally as there is plenty of business to go around for years to come.
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