NEW DELHI - Airlines in South Asia, led by India, are poised for a significant expansion, set to quadruple their fleets by 2042 in response to the region's economic growth and a surge in air traffic. The anticipated addition of over 2,705 new aircraft, primarily single-aisle planes, is driven by India's robust recovery to pre-pandemic air travel levels and the burgeoning middle class with increased affordability due to budget airlines. This ambitious expansion is a result of an anticipated annual air traffic growth rate of about 8% over the next two decades.
Indian carriers are expected to handle approximately 90% of this increased traffic. In response to this forecasted demand, companies like Akasa Air have already begun preparations, with orders placed for 150 Boeing (NYSE:BA) 737 Max jets on Thursday.
Boeing's Darren Hulst highlighted the aviation industry's optimistic outlook, attributing the growth to the increasing economic prowess of India and the broader region. The anticipated fleet expansion is not just about adding more aircraft; it will also create substantial demand for aviation professionals. Over the next twenty years, there will be openings for roughly 37,000 pilots and 38,000 maintenance technicians to support the burgeoning sector.
Despite concerns following an Alaska Airlines Max9 jet incident, Boeing assures stakeholders that it will maintain delivery schedules while emphasizing enhancements in quality control. As South Asia gears up for this leap in aviation capacity, the industry prepares to address the logistical and workforce challenges accompanying such significant growth.
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