According to Airbus’ latest market forecast, Indian carriers will require 1,290 new passenger aircraft valued at US$190 billion between now and 2032 to satisfy surging annual demand. Indian annual passenger traffic growth rates of 8.6% are well above the regional Asia Pacific average growth rate of 6.1% and the world average 4.7%.
Of the requirement for 1,290 new aircraft, 73% will be for growth and 27% for replacement, the study found. The new passenger aircraft include 913 single aisles like the A320 and A320neo Family, 322 twin aisles like the A350 XWB and A330, and 56 very large aircraft such as the A380. By 2032, today’s fleet of 343 aircraft will more than triple to 1,233 aircraft, says Airbus.
By 2032, Airbus forecasts that 36% of India’s fleet will be wide-bodies, more than doubling today’s level. This is a result of increased capacity of international as well domestic routes with larger aircraft like the A330 and A350s.
In passenger traffic terms, domestic India is the fastest growing flow, increasing at almost 10% per year to 2032. In 2032, India’s domestic traffic will be the world’s third-largest domestic market. In addition, five of the world’s top 20 fastest growing flows connect India. Today one in 20 Indians travel by air and in 2032 this will increase five-fold to a quarter of the population taking at least one flight.
“By 2032, the number of Indian cities with more than a million passengers every month will have grown to 13 from today’s two. This exponential growth will continue to drive the need for larger aircraft like the A380 to operate in the country,” said Dr Kiran Rao, Airbus’s EVP of strategy and marketing. “As the people of India fly more and the number of first time fliers increases, demand for the latest generations of aircraft will also increase, making India on of the largest and most dynamic markets in the world.”