India witnessed the fastest recovery in air travel demand post pandemic and is the only market in the world where domestic and international air travel has exceeded 2019 levels, according to Boeing.
The country will also continue to be the fastest growing aviation market in the world for the next 20 years, said Darren Hulst, Boeing VP of Commercial Marketing at a press meet on the side lines of Wings India 2024 aeroshow.
Domestic air capacity in India was 7% above 2019 levels, and international long-haul capacity of Indian carriers was up by 30% in 2023. The latter is expected to reach 50%. Globally, 99% of domestic traffic has returned to pre Covid levels, but international traffic is still lagging behind primarily due to the hit from long-haul traffic to and from China.
“The growth of the middle class (in India) is set to double over the next 20 years. And the opportunity for new fliers is a key element of that growth,” he added.
Boeing also forecast that South Asia will need 2,705 new aircraft by 2042, of which narrowbodies will account for 85% of new aircraft deliveries. Globally, 42,500 new aircraft will be needed over the next two decades, or 2,000 aircraft per year.