New Delhi: European aviation major Airbus on Thursday said India will require 1,600 planes, including 1,230 narrow body aircraft, valued at $224 billion in the next 20 years as the country logs the fastest growth globally coupled with an expected 8.4 percent per year growth in passenger traffic during this period.
At present, among the two major global aircraft makers, US-based Boeing Co. being the other one, Airbus is the market leader in India in terms of single-aisle planes.
According to Airbus' latest global Market Forecast for the 20 years between 2015 and 2034, India will require over 1,600 new passenger and freighter aircraft - valued at $224 billion - to help meet growth in demand.
These will include 1,230 new single-aisle aircraft and 380 wide-body passenger and freighter aircraft, the company said, adding that by 2035, the number of Indian cities with over one million monthly air passengers would have more than tripled.
"The growth is significantly better in India. Today we have 210 aircraft in service with seven Indian carriers. Another over 500 more planes are to be delivered to the airlines in India in the coming years. That gives us over 70 percent market share excluding Kingfisher (now defunct) orders," Airbus Vice President for marketing for Asia Consumer Affairs, V Joost Van Der Heijden said.
On the status of the now-defunct Kingfisher Airlines order, the official said, "We have already reduced (the number of Kingfisher's order) in 2015's order book. We will continue to do so as we go along."
Air traffic in India is set to grow at 8.4 percent per year over the next 20 years, well above the world average of 4.6 percent, Airbus said, adding that domestic traffic will grow more quickly, at 9.3 percent, making India the world's leading emerging aviation market.
"Aviation in India has a bright future. As India's industrial might grows along with it comes economic development, wealth generation and a rise in the number of regular and first-time flyers. Airbus offers the most comprehensive aircraft product range from 100 to over 600 passengers to serve the Indian public and this growing demand," said Kiran Rao, Airbus EVP Marketing and Strategy.
According to Airbus, today some 56 percent of in-service fleet operated by most of the Indian carriers are Airbus aircraft, including the latest engine technology, fuel- efficient A320 neo.
Significantly, budget airline IndiGo recently inducted its first such aircraft in its fleet.
Preference for Airbus aircraft was further consolidated in 2015 with 250 new firm orders, lifting market share of orders and the in-service fleet to over 70 percent, it said.