Boeing Co. (BA) raised its 20-year India market forecast 15 percent, at least the second increase in a row, as rising wages stoke air travel in Asia’s third-biggest economy.
The country’s carriers will need 1,320 planes, worth $150 billion, in the period, the Chicago-based planemaker said in a statement late yesterday on its website. The company predicted demand for 1,150 planes in a 20-year forecast last year.
Indian air passenger traffic may expand 8.1 percent a year over “the long term” because of the nation’s economic growth, Boeing said. Budget carriers IndiGo and Go Airlines (India) Ltd. last month signed orders for 252 Airbus SAS planes because of rising demand.
Indian airlines boosted passenger numbers 18 percent in the first five months of the year to 24.5 million, according to the Directorate General of Civil Aviation. The regulator doesn’t provide data for international travel.
Boeing expects 33,500 global orders for passenger and freighter planes through 2030, according to the statement.
Extracted from bloomberg.com