India's fast-growing aviation market will need 1,100 passenger and cargo aircraft worth US$105 billion over the next two decades, European aircraft maker Airbus Industries said yesterday.
India will also become the fastest growing country for air travel demand in the next decade, Airbus said in a statement released in New Delhi.
Of the 1,100 new aircraft needed, 935 will be for passengers while 165 will be used for cargo.
"Strong demand in India is being unleashed by air transport deregulation, the emergence of a number of new operators, lower fares and a large untapped demand for air travel," John Leahy, Airbus chief operating officer for customers, said in the statement.
The aviation sector in India is growing at a rapid pace and is strategic for Airbus, Leahy said.
Airbus estimates that India will see average annual passenger traffic growth of 7.7 percent through to 2025, well above the world average of 4.8 percent and projected Chinese growth of 7.2 percent.
More than 50 percent of aircraft currently operating in India are Airbus planes. Leahy's comments came a day after Airbus announced the Airbus A380 would get its air worthiness certificate from US and European authorities on Dec. 12.
India has been a key market for Airbus, with airlines ordering at least US$7 billion worth of jets from the European aircraft maker.