In the last decade, there has been a notable upswing in air passenger traffic, attributed primarily to two significant factors: the rapid expansion of the middle-class air traveler base and the robust growth of the aviation industry. Despite grappling with the repercussions of the COVID-19 crisis, the overall outlook remains optimistic, albeit constrained by factors such as the trajectory of the pandemic, vaccination rates, and economic recovery. Given the transient nature of these constraints and the continued relevance of long-term growth drivers, the aviation industry is poised for a rebound, anticipated to return to pre-pandemic growth levels within the next few years.
In April 2021, the Boeing Company, a global aerospace and defense giant, unveiled its annual commercial market outlook (CMO), projecting a demand for more than 2,200 new jet planes in India alone over the next two decades. The company attributed this surge in demand to the robust growth of the aviation sector and the expanding middle-income segment in the country. Despite the immediate challenges presented by the pandemic, the forecast indicated that passenger traffic growth in India is expected to surpass the global average and nearly double compared to pre-pandemic levels by 2030. The projection hinges on the anticipated rise in per capita disposable incomes, suggesting an uptick in passenger traffic related to leisure and business activities in the foreseeable future. Looking ahead to 2039, Boeing envisions a substantial four-fold growth in India's commercial fleet, primarily fueled by the escalating demands for domestic, regional, and long-haul travel.
the surge in air passenger traffic over the past decade, propelled by a burgeoning middle class and the thriving aviation industry, has encountered a temporary setback due to the COVID-19 crisis. Nevertheless, the positive trajectory is poised for a resurgence as the pandemic is brought under control, vaccinations progress, and economies recover. Boeing's outlook for India underscores the enduring strength of long-term growth drivers, hinting at a promising future for the aviation industry as it strives to regain and surpass pre-pandemic levels of growth.
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