India to be world's largest civil aviation market by 2025: Society of Indian Aerospace Technologies and Industries
04 September 2007
India will overtake North America and China as the world's single largest passenger and freight aviation market by 2025, Society of Indian Aerospace Technologies and Industries (SIATI) president Dr C G Krishnadas Nair told the Asian Aerospace Congress delegates in HongKong on Monday 3 September.
He said India would account for 10 per cent of the world aerospace industry by 2020, owing to international joint ventures created through combination of an Indian government offsets requirement for aviation purchases, market liberalisation and economic growth.
At present, Indian aerospace accounts for just 2 per cent of the world's aviation market. "Economic success is boosting aviation growth. Passenger traffic in 2006-07 was 100 million and in the next decade or so will double. Cargo is moving at a similar pace," Nair said, adding, "India is now in its seventh decade of being involved in aerospace and our capabilities of software applications, research and in civil transport alongside our market size makes it a tremendous opportunity for foreign investment and co-operation."
Nair says India's middle class has developed an appetite for air travel, which means airlines will require at least 230 aircraft, each with more than 100 seats, over the next five years — worth approximately $260 billion. But, he said, to grab this market, investment has to start now.
He said India will require 6,000 pilots over the next 10 years, and needs to set up aviation schools where they can be trained. The same is true with other air crew and maintenance personnel. He added that SIATI was keen to talk to potential partners in the training and MRO sectors, and that he and his government colleagues were at the air show to do business.