Boeing [NYSE: BA] forecasts a demand for 2,100 new airplanes in India, valued at $290 billion, over the next 20 years. The company released the new numbers as part of its annual Current Market Outlook (CMO) for India during a briefing in Delhi.

“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,” said Keskar. “Boeing also continues to offer the most complete family of widebody airplanes, as evidenced by our more than 85 percent in-service market share  in India.”

Other important findings from the annual outlook include:

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

New Airplane Deliveries to India: 2017-2036

Airplane type

Seats

Total new deliveries

Dollar value

Regional jets

90 and below

10

<$1B

Single-aisle

90 – 230

1,780

$195B

Small widebody

200 – 300

180

$50B

Medium/Large widebody

300 and above

130

$45B

Total

2,100

(5.1% of world total)

$290

(4.8% of world total)

Boeing projects a worldwide demand for 41,030 new airplanes over the next 20 years, with India carriers needing more than 5.1 percent of the total global demand.