JOIN USIndia will require 1,750 new passenger and cargo aircraft over the next 20 years to meet an exponential rise in both passenger and freight traffic. Airbus in its latest India centric market forecast that the country would require 1,320 single aisle and 430 wide-body aircraft valued at $255 billion.
Briefing media, Joost Van Der Heijden, Vice President Marketing Asia and North America on the sidelines of Wings India 2018, said that by 2036 every Indian will make four times as many flights as today.
As a result, traffic serving the Indian market is forecast to grow 8.1% per year over the next 20 years, almost twice as the world average of 4.4%, he added. The forecast also says that domestic Indian traffic will grow five-and-a-half times over the next two decades reaching the same level of USA domestic traffic today making it one of the fastest growing markets.
"Every Airbus commercial aircraft is partly made in India," says Srinivasan Dwarakanath, President Airbus commercial Aircraft in India.
"Airbus has the largest footprint in India of any international manufacturer. Our sourcing volume has grown 16 times over the past 10 years, and is currently at more than $550 million annually," Srinivasan said.
Airbus believes that India is set to become the world's third largest aviation market by 2020 with Airbus partnering that growth with 530 backlog orders. Airbus has industry record backlog of 7,265 aircraft worldwide with net orders of 1,109 aircraft in 2017.