India requires over 1,600 new aircraft on its way to becoming the world’s third largest aviation market by 2034. That was the forecast revealed by Airbus at India Aviation 2016 in Hyderabad.

Indian airlines placed 250 new firm orders for Airbus aircraft in 2015, lifting market share of orders and the in-service fleet to over 70 per cent. Today some 56% of India’s in service fleet are Airbus aircraft, including India’s first A320neo, which was recently delivered to IndiGo and put in an appearance at the show.

Airbus cites studies indicating that traffic serving the Indian market is set to grow at 8.4% per year over the next 20 years, well above the world average 4.6%. Domestic Indian traffic will grow more quickly at 9.3% – making India the world’s leading emerging aviation market.

According to Airbus’ latest global Market Forecast, in the 20 years from 2015 to 2034, India will require over 1,600 new passenger and freighter aircraft to help meet growth in demand. Valued at US$224bn, these will include 1,230 new single-aisle aircraft and 380 wide-body passenger and freighter aircraft. By 2035, the number of Indian cities with over one million monthly air passengers will more than triple.