Boeing Co. raised its market forecast for India as the planemaker expects travel demand to grow in the world’s second-most populous nation.
Boeing predicts Indian airlines will need 1,740 new planes over the next 20 years, up from the 1,600 planes it forecast a year ago, Dinesh Keskar, a senior vice president at the Chicago-based company, said Wednesday at a briefing in New Delhi. Of those planes, valued at $240 billion, 84 percent of the demand will be for single-aisle aircraft, such as Boeing’s 737 and the A320 from rival Airbus Group SE.
Indian carriers aren’t likely to buy the majority of those planes themselves, Keskar said. They are more likely to lease them, he said.
Boeing expects global airlines will need 38,050 airplanes over the next 20 years valued at more than $5.6 trillion.
Airbus, for its part, estimates that demand from India and China and the global growth of low-fare carriers will spur a market for $4.4 trillion worth of new commercial planes over the next two decades.
Last month, SpiceJet Ltd. said it was in talks with Boeing and Airbus to buy more than 100 single-aisle jets valued at about $11 billion at list prices, in what would be the Indian carrier’s largest-ever order. SpiceJet was deciding between Airbus’s A320neo and Boeing’s 737 Max planes, chairman Ajay Singh said.