Aircraft maker Boeing expects India’s air traffic to annually grow by nearly 7 per cent through 2040, and is bullish on the “massive potential” in the air cargo space. The company, which is a key player in both civil and defence aerospace segments, is also looking to increase the sourcing of raw materials from the country.

India’s airlines will lead air traffic growth through 2040, growing at a rate of 6.9 per cent. The growth for the South East Asia market is pegged at 5.5 per cent, China (5.4 per cent), Africa (5.4 per cent) and Latin America (4.8 per cent), Boeing said.

Boeing, which has around 90 per cent global market share in cargo, expects to play a large part in India’s cargo market. Boeing Managing Director (Marketing) David Schulte said there is a “massive potential (in cargo)”. “Currently, two scheduled Indian carriers — SpiceJet and Air India Express — are using Boeing freighters.”