New Delhi, Aug 12 (IANS): Global aerospace major Boeing on Wednesday projected a demand for 1,740 new airplanes, valued at $240 billion, over the next 20 years in India.

The data was revealed in the company's annual forecast -- India "Current Market Outlook" (CMO) which was released here.

“Over the next 20 years, Boeing forecasts India will need 1,740 new airplanes worth $240 billion,” said Dinesh Keskar, senior vice president of Asia Pacific and India Sales, Boeing Commercial Airplanes.

“India’s economy and the country’s potential for air travel growth - both for leisure and business - continues to be strong and we remain confident in the Indian commercial aerospace market.”

According to the CMO, in the next 20 years India will require 1,460 single-aisle, 260 wide-body and 20 regional jets, which will constitute more than 4.5 percent of the total global demand during the forecast period.

The company elaborated that the largest demand will be for single-aisle airplanes such as the Next-Generation 737 and new 737 MAX, followed by twin-aisle aircraft like the 777 and the 787 Dreamliner.

"The Indian market is highly competitive and airlines are adapting with added capacity, moderate pricing discipline and new business models, such as the growing number of low cost carriers,” said Keskar.