Global aircraft makers are looking to the Indian market for aircraft sales as more Indians take to air travel and airline operators place ever increasing orders. Both Airbus and Boeing are bullish on the Indian market to drive their sales, avaiation analysts say.
Airbus' projections detailed in its latest India Market Forecast, put the number of new planes that India will need at 1,750 over the next 20 years to cater to the rising demand in both passenger and freight traffic.
Airbus projects its own deliveries at an aircraft a week on average to Indian carriers over the next 10 years.
According to Airbus, India will need 1,320 single-aisle and 430 wide-body aircraft, valued at $255 billion and though much of this air traffic growth is expected to be driven by a fast-expanding economy, rising wealth and urbanisation, it says ambitious government-backed regional connectivity programmes will also increase demand for air travel.
Airbus has over 300 planes in operation in India at present.
"Domestic traffic in India is expected to grow five-and-half times over the next 20 years, reaching the same level as the domestic traffic in the US today, making it one of the worlds fastest growing markets," the report said.
"Airbus will be delivering one plane on an average per week to airlines in India over the next 10 years," Airbus Commercial Aircraft, India president Srinivasan Dwarakanath, said at aviation event Wings India in Hyderabad yesterday.
He added India was on course to become the world's third-largest aviation market by 2019/20 and Airbus is well positioned to partner its growth with backlog orders of over 530 aircraft to date.
He added that Make in India is at the heart of the company's strategy, and pointed out that, Airbus sourcing volumes had grown 16 times over the past 10 years and are currently at over $ 550 million annually.