Airbus has forecast that India's airlines will need 1,750 new passenger and freighter aircraft valued at $255 billion by 2038 to keep pace with the surging demand.
The European airframer released the updated forecast at the Wings India air show in Hyderabad, which is up from the 1,600 valued at $224 billion released in 2016.
The 1,750 new aircraft are expected to be split into 1,320 new narrowbodies and 430 widebodies.
The aircraft sales forecast is based on a projection that Indian traffic will grow 8.1% annually over the next 20 years, almost twice the world average of 4.4%.
Domestic Indian traffic is also expected to grow 5.5 times over that period, reaching the same level as the United States’ domestic market.
Airbus adds that at present it has a backlog order share of 70% in the subcontinent with over 530 aircraft yet to be delivered, and a market share of more than 60% of aircraft in service.
Source: Cirium Dashboard
