India needs over 1040 aircraft worth USD45b in next 20 years amid surging demand: Airbus
Airbus, based on its latest market forecast, stated (15-Mar-2012) it expects Indian carriers will require 1020 new passenger aircraft and 23 freighter aircraft valued at USD145 billion between now and 2030 to satisfy surging annual demand. India’s market for new aircraft makes it the world’s fourth largest in both number of aircraft and value. Details include:
- Passenger growth: Airbus forecast that Indian annual passenger traffic growth rates of 7.2% are well above the regional Asia Pacific average growth rate of 5.9% and the world average 4.8%;
- Fleet requirements: Of the requirement for 1020 new passenger aircraft, some 860 will be for growth and 160 to replace the eldest aircraft in the existing fleet of 327;
- Size of fleet: By 2030, India’s passenger fleet is forecast to have more than tripled to around 1180 aircraft. The new passenger aircraft include 646 single aisles like the A320 and A320neo family, 308 twin aisles including A350 XWB and A330, and 66 very large aircraft such as the A380;
- Reason behind growth: "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. Despite near-term challenges, the Indian economy is forecast to continue expanding, helping India’s growth in domestic air travel to reach even higher growth rates of nearly 10 per cent annually, making it one of the fastest growing aviation markets anywhere in the world," Airbus said. [more - original PR]
Airbus: “By 2030, India’s economy is forecast to be the fourth largest in the world creating exceptional potential for growth in the aviation sector. Through our Indian industrial partnerships we are proud to boast that every A320 today is partly made in India. Our engineering and industrial footprint in India supports over 2000 highly skilled Indian jobs throughout our supply chain, and this figure is growing," Dr. Kiran Rao, Airbus executive VP sales and marketing and President of Airbus India. Source: Company statement, 15-Mar-2012.