Mumbai: India is going to be the fastest growing market for air travel for the next ten years and Indian carriers will need 1,032 new aircraft over the next two decades to meet this growing demand, as well as to replace ageing fleets, a study by European aircraft maker Airbus says.
The new aircraft will be cumulatively worth $138 billion.
Airbus's Global Market Forecast released on Thursday projects that domestic traffic in India will grow by an average 12 per cent each year.
Airbus released the study at an ongoing air show in the southern city of Hyderabad which ends 7 March.
"The Indian economy is showing signs of rebounding. This will translate to new aircraft orders by 2012," said Miranda Mills, Airbus vice president in India.
Mills described India's aviation growth potential as "exceptional".