Industry Forecast: India will order 1750 new aircraft over the next 20 years
To meet the rapidly increasing demand by Indian passengers and freight traffic, India will have to ramp up its aircraft availability. In order to fully achieve market equilibrium, it is predicted that India will order 1750 new aircraft over the next 20 years.
Two kinds of aircraft are primarily required. 1,320 single-aisle aircraft and 430 wide-body aircraft. Both of which is estimated to cost $US 225 billion. After closely monitoring the trends in the Indian aviation landscape, startling revelations were brought to light. As you may imagine, India is a booming economy and naturally this made aircraft demands soar to the sky.
Apart from this, rising wealth & urbanization has reshaped passengers taste in traveling. UDAN, an ambitious government-backed initiative is also a significant factor, which sharply grew the need for aircraft.
By 2036, Indians are forecasted to make 4 times as much flight as today. Going by the estimates, aviation in India will expect an 8.1 percent growth year on year over the next 20 years. As a result of this, airline industry of India will out-pace the world’s airline industry average growth rate of 4.4 per cent.
Airbus’s recently published reports demonstrate Indian domestic traffic unprecedented growth potential in the near future. It is slated to grow five and half times over the next 20 years, putting it on same level as the USA domestic traffic today. Due to this growth rate, Indian airline industry is titled “World’s fastest growing markets.”
President of Airbus Commercial Aircraft in India, Srinivasan Dwarakanath applauded the Indian airline business. He said “Make in India is at the heart of our strategy. Airbus has the largest footprint in India of any International aircraft manufacturer, nationwide across all aircraft programmes. Our sourcing volume has grown 16 times over the past ten years and it is currently at more than US$550 million annually.”
How will this benefit travel professionals?
It is evident that aviation industry professionals will be rewarded with tons of opportunities because of the massive aircraft purchase orders. This new aircraft will be equipped with recently developed technologies which brings a new level of dynamism in the travel and tourism business. India will order 1750 new aircraft over the next 20 years and this will translate into millions of job opportunities for aviation management graduates.
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