Indian air carriers will require 1,043 aircraft worth $145bn by 2030 to meet a surge in passenger demand in the country, according to a report published by Airbus.
According to the company's market forecast Indian carriers will require 1,020 new passenger aircraft and 23 freighters, which will make the country the world's fourth largest market in both number of aircraft and value.
Of the 1,020 passenger aircraft, 860 will be used for growth and 160 to replace aging aircraft in the existing fleet of 327, tripling the Indian passenger fleet to around 1,180 aircraft by 2030.
The new passenger aircraft will comprise 646 single aisle aircraft, 308 twin aisle aircraft and 66 very large aircraft.
Airbus sales and marketing executive vice president and Airbus India president, Kiran Rao, said: "By 2030, India's economy is forecast to be the fourth largest in the world creating exceptional potential for growth in the aviation sector."
The report revealed that passenger traffic in India is growing by 7.2% per year, which is above both the average rate of 5.9% for the Asia / Pacific region and the global average of 4.8%.
Airbus said despite near term challenges, the country's economy is predicted to continue expanding, assisting its growth in domestic air travel to reach higher growth rates of about 10% yearly which makes it the fastest growing aviation markets in the world.
Indian carriers including Indigo and GoAir have ordered 252 aircraft, comprising 150 of the latest version A320 NEO by Indigo and 72 aircraft by GoAir.
Image: India's low cost carrier Indigo airlines has ordered 150 A320 NEO aircraft. Photo: Airbus