India's aircraft fleet set to increase by over 5 times in 20 yrs: Report

The Indian passenger aircraft fleet is expected to increase from 720 planes at the close of 2023 to over 3,800 within the next 20 years, according to the 2024 Cirium Fleet Forecast.

 

This growth will boost Indian airlines' share of the Asia-Pacific passenger fleet from the current 8 per cent to 18 per cent by 2043, according to a Cirium report accessed by Business Today. The firm specialising in aviation analytics also predicts that given India’s potential as a key market for commercial aviation, the country has been considered separately from the broader Asia-Pacific region for the first time in this year’s forecast.

 

Indian airlines led the world in aircraft orders during 2023, holding the second-largest order volume globally, after the United States. By March 2025, Indian carriers are expected to have ordered 2,000 planes, with 1,620 of these already secured by Air India, Indigo, and Akasa.

 

Regional trends in fleet growth

 

Across Asia, growth is anticipated to remain strong, with the region accounting for about 45 per cent of new deliveries, and China alone comprising 20 per cent — close to North America’s total. Over the next two decades, the Indian fleet is projected to expand by an annual rate of 8.7 percent, increasing its global fleet share from 3 per cent to 8 per cent. In comparison, China’s fleet is expected to grow at 4.3 per cent annually, reaching 20 per cent of the global share, while North America's growth will remain more modest at 1.8 per cent.

 

Europe will hold the third-largest fleet share, at 18 per cent, just slightly ahead of other Asia-Pacific countries. The Middle East is forecast to grow its share to 5 per cent.