Boeing sees Indian carriers ordering 2,300 planes worth $320B

By TransportationFOXBusiness

Boeing CEO: Our global services business has been growing at 12% a year

Boeing CEO Dennis Muilenburg discusses how the Federal Reserve’s interest rate hikes are impacting his company and the company’s growing global services business.

Over the next 20 years, Boeing sees aircraft orders from India reaching as high as 2,300 new planes worth $320 billion from global planemakers over the next 20 years.

Continue Reading Below

That estimate from the U.S. planemaker  for the period to 2037 is about 9.5 percent higher than its previous prediction of 2,100 jets until 2036 made last year, according to Reuters.

India is one of the world's fastest-growing aviation markets, with domestic passenger traffic growing at around 20 percent in recent years.

Boeing sees India as the third-largest commercial aviation market by the early 2020s.

Domestic carriers like Vistara, a joint venture between Singapore Airlines  and India's Tata Sons, IndiGo and budget airline GoAir are looking overseas for better returns.

Boeing expects single-aisle planes, such as its 737 MAX, to account for 84 percent of global planemakers' new jet deliveries to India from 2018-2037, higher than the global average.

The original article was updated to reflect the order value as billions not millions in the headline