Despite the turmoil faced by the Indian aviation industry, aircraft manufacturer Airbus says India could be the fourth biggest market for passenger aircraft over the next 20 years.It even expects the country to be the fastest growing market for air travel over the coming decade.
According to Airbus forecast, over the next 20 years, the demand for aircraft in India could be pegged at 1,043 new passenger and freight aircraft. Of this, 1,020 will be passenger aircraft and 23 cargo. The demand pegged at $145 billion could be split among 646 single aisle pax aircraft, 308 twin aisle pax aircraft, 66 very large pax aircraft and 23 freighter aircraft.“Of the requirement for 1,020 new passenger aircraft, some 860 will be for growth and 160 to replace the eldest aircraft in the existing fleet of 327. By 2030, this means that India's passenger fleet will more than triple to some 1,180 aircraft,“ Joost Ven Der Heid jen, head marketing (India), Airbus said .
Indian annual passenger traffic growth rates of 7.2 per cent are well above the regional Asia Pacific average rate of 5.9 per cent and the world average 4.8 per cent, he said Indian market for new aircraft is the world’s fourth largest in both number of units and value, according to Heidjen.This makes India one of the world's top five countries with aircraft business volume, after the US, China and Germany. While UAE could have a demand for 813 aircraft, US and China could be the largest markets with aircraft demand expected at around 5,389, and 4041units respectively. Germany and UK are expected to buy 1,038 and 938 aircraft.
The domestic travel in India is expected to grow by 10 per cent and other markets such as China, North America and rest of Asia too will. Not just this, according to Joost Van Der Heijden, head of airline marketing, (Africa, India, South East Asia and Japan) Asia Pacific will lead the world in the traffic by 2030 and the growth will mainly driven by the global middle class.