Boeing is forecasting demand for 2,100 new airplanes in India, valued at $290 billion, over the next 20 years. The company projects a worldwide demand for 41,030 new airplanes over the next 20 years, with Indian carriers needing more than 5.1% of the total global demand.

“Commercial aerospace demand in India continues to grow at unprecedented rates,” said Dinesh Keskar, senior vice president, Asia Pacific and India Sales, Boeing Commercial Airplanes. “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.”

Single-aisle airplanes, like the 737 MAX family, will continue to account for the largest share of new deliveries, with airlines in India needing approximately 1,780 airplanes.

“The 737 MAX is the fastest-selling airplane in Boeing history because customers throughout the world, including India, want its combination of performance, flexibility and efficiency,” Keskar said. “Boeing also continues to offer the most complete family of widebody airplanes, as evidenced by our more than 85% in-service market share in India.”

Other important findings from the annual outlook include:

• Traffic growth is more than 20%, far exceeding the global average of 7.3%
• Domestic passenger traffic increased 23% from 2016
• Low-cost carriers continue to account for more than 60% of all flights