Indian carriers will require 1,043 new aircraft, including 1,020 for passenger transport, and 23 freighters, valued at $145 billion, between now and 2030 to satisfy surging demand, according to the latest forecast of aircraft manufacturer Airbus.
India's market for new aircraft makes it the world's fourth largest in both number of aircraft and value, Airbus, a unit of Europe's EADS, said in a statement.
The company has projected annual passenger traffic in India growing at rates around 7.2 per cent, well above the regional Asia Pacific average growth rate of 5.9 per cent and the world average 4.8 per cent.
Of the requirement for 1,020 new passenger aircraft, some 860 will be for fleet expansion and 160 to replace older 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. The new passenger aircraft include 646 single aisles like the A320 and A320neo Family, 308 twin aisles like the A350 XWB and A330, and 66 very large aircraft such as the A380.
Growing urbanisation and population concentrations combined with a growing middle class and dynamic economic growth are driving demand and this trend is expected to continue, the company said in its forecast.