India Aviation Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

India Aviation Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The India Aviation Market is projected to register a CAGR of 14.67%

Key Highlights

• Largest Market by Aircraft Type - Commercial Aviation : Increasing air passenger traffic and its recovery to pre-pandemic levels, coupled with replacing existing aircraft with advanced sustainable aircraft, is driving the commercial aviation market.
• Largest Market by Sub-Aircraft Type - Passenger Aircraft : Strong economic growth and the increasing middle-class population are fuelling air passenger traffic growth and generating demand for passenger aircraft.
• Largest Market by Body Type - Narrowbody Aircraft : A fleet of narrowbody aircraft adds flexibility in terms of fleet management. It helps to reduce the airlines' operating costs, thereby resulting in the rapid adoption of this aircraft.

Key Market TrendsCommercial Aviation is the largest segment by Aircraft Type.

• The civil and military aviation industry in India emerged as one of the fastest-growing industries in the country in the past few years. According to the Indian government, the commercial aviation sector contributed USD 30 billion to India’s GDP in 2021. With this growth, the domestic aviation market is projected to rank third globally by 2024. As air traffic has been growing rapidly in the country as compared to the global average. The air fleet number may rise from the present 600 to 1,200 during 2024.
• The general aviation industry in India is considered a luxury for both business and private needs and strongly drives the country's economic growth. The surge of tourist traffic into India and the rising HNWIs have driven the growth of the general aviation sector in the country. Despite these driving factors, challenges in ease of doing business, complications with the tax structures, inadequate infrastructure, and complicated processes to obtain operating licenses have resulted in subdued growth of the business aviation market in India.
• India is a critical military aircraft market, as the country has been modernizing its aerial capabilities by procuring new aircraft and indigenously developing military aircraft to defend its borders from Pakistan and China. HAL is the largest manufacturer of aircraft and helicopters in India and has been producing BAE Hawk Trainers and Tejas LCA. It is also developing fifth-generation Advanced Medium Combat Aircraft under the Make in India initiative, with deliveries expected to start during the forecast period.

Competitive Landscape

The India Aviation Market is fairly consolidated, with the top five companies occupying 96.43%. The major players in this market are Airbus SE, ATR, Dassault Aviation, Hindustan Aeronautics Limited and Lockheed Martin Corporation (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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