India will need nearly 2,400 new planes over the next 20 years with single-aisle aircraft accounting for 87 percent of the addition, Boeing said on Wednesday.

A total of 2,380 planes worth $300 billion will be needed in India as the country is expected to grow its air passenger traffic at 8 percent on an annual basis over the next 20 years, the US-based aircraft manufacturer said at an event in Delhi.

While single-aisle aircraft are likely to account for 2,070 planes in the capacity addition for the next 20 years, wide-bodied aircraft are expected to make up only 13 percent of the addition at 310 planes, as per Boeing. Airlines may induct only 4 regional jets till 2038 and freighter aircraft might not find any takers at all, the company added.

Boost to air travel

A growing middle class and an approximate 7 percent growth in travel and tourism sectors of the country are also expected to aid the rise in air travel. An expected strong aviation market is likely to take the total aircraft count in the country to 2,470 units in 2038 from 600 in 2018.

While Boeing expects the domestic demand and rising middle class to boost the air travel market, the stakeholders will need to build more airports, runways and infrastructure to support this growth.

On the global scale, Boeing said the world will need 44,000 new planes worth $6.8 trillion in the next 20 years but majority of this volume or 40 percent will be in the Asia Pacific region. Of this, single-aisle planes will account for 73 percent of new planes over 20 years and wide-body aircraft are expected to form 19 percent of capacity addition.

"Forty-four percent of new planes to be added as replacement and 56 percent will be the growth. Some 6,000 planes will be retained," Boeing said, adding that this will take the current global in-service passenger fleet from 25,830 in 2018 to 50,660 in 2038.