BLAGNAC, France, 16 March 2012. According to Airbus’ latest market forecast, Indian carriers will require 1,043 new passenger (1,020) and freighter (23) aircraft valued at US$145 billion between now and 2030 to satisfy surging annual demand.
Indian annual passenger traffic growth rates of 7.2 per cent are well above the regional Asia Pacific average growth rate of 5.9 per cent and the world average 4.8 per cent.
Of the predicted requirement for 1,020 new passenger aircraft, Airbus believes 860 will be for growth and 160 to replace the eldest aircraft in the existing fleet of 327. By 2030, this would mean that India’s passenger fleet will more than triple to some 1,180 aircraft. The new passenger aircraft are predicted to include 646 single aisles, 308 twin aisles, and 66 very large aircraft.
Growing urbanization and population concentrations combined with a growing middle class and dynamic economic growth are driving demand and this trend is expected to continue. Despite near term challenges, the Indian economy is forecast to continue expanding, helping India’s growth in domestic air travel to reach even higher growth rates of nearly 10 per cent annually, which would make it one of the fastest growing aviation markets in the world.