India set to become third largest aviation market by 2034
Valued at $224 billion, these will include 1,230 new single aisle aircraft and 380 wide-body passenger and freighter aircraft. By 2035, the number of Indian cities with over one million monthly air passengers will more than triple.
In 2015 Airbus saw 250 new firm orders, lifting market share of orders and the in-service fleet to over 70%. Today some 56% of India’s in service fleet are Airbus aircraft operated by most leading Indian carriers. This includes India’s first A320neo, the first to be delivered in the Asia region.
Air traffic growth is driven by such factors as urbanisation, the growth in wealth, as seen by the growing middle classes, tourism and trade. India’s population is set to surpass China’s by 2025, and according to Oxford Economics, the number of Indian middle classes will top 600 million people, more than double that of the USA. By 2034, Indian passengers on average will each make four times as many flights as they do today.
As a result, traffic serving the Indian market is set to grow at 8.4% per year over the next 20 years, well above the world average 4.6%. Domestic Indian traffic will grow more quickly at 9.3% – making India the world’s leading emerging aviation market.
“Aviation in India has a bright future. As India’s industrial might grows along with it comes economic development, wealth generation and a rise in the number of regular and first time flyers. Airbus offers the most comprehensive aircraft product range from 100 to over 600 passengers to serve the Indian public and this growing demand,” said Dr. Kiran Rao, Airbus EVP Marketing and Strategy.
According to Airbus’ latest global Market Forecast in the 20 years from 2015 to 2034, India will require over 1,600 new passenger and freighter aircraft to help meet growth in demand. Valued at $224 billion, these will include 1,230 new single aisle aircraft and 380 wide-body passenger and freighter aircraft. By 2035, the number of Indian cities with over one million monthly air passengers will more than triple.