Boeing has raised its long-term forecast for the commercial aircraft market in India, where it sees unprecedented domestic passenger traffic and rapidly expanding low-cost carriers (LCCs) driving the need for 2,300 new jets — valued at $320bn — over the next 20 years.

According to Boeing's Commercial Market Outlook (CMO), India's commercial aviation industry has achieved 51 consecutive months of double-digit growth. This growth is matched in other sectors of the country's economy.

Single-aisle aircraft (90 seats and above) are expected to take the lion's share of the market over the next two decades, with almost 2,000 units delivered, worth $220bn. The CMO predicts 350 widebody deliveries, worth $100bn, while only 10 regional jets (90 seats or less) are expected to enter the Indian fleet.

According to the Boeing CMO, with more than 5% of the world's fleet expected to operate in India by 2037, services — flight training, engineering and maintenance and digital analytics — will continue to be a major driver of growth in the region's commercial aviation industry.

In the South Asian region, including India, Boeing forecasts a commercial services market valued at $430bn over the next 20 years.