The aviation market grew 3 times in 10 years: Civil Aviation Secretary
Posted on : 23 July, 2021 11:10 am
The statement, “The size of India’s aviation market has tripled in the last 10 years” was given by the ex-civil aviation secretary K.N. Srivastava. This statement was delivered when he was speaking at the two-day aviation information communication technology Conference.
India’s aviation market today is three times as big as it was 10 years ago. And the number of air passengers could grow three times even after the tough. “Airports are adopting new technology, airlines are adopting new styles and passengers want to more personalized and faster experience”, K.N. Srivastava said.
The secretary said the ministry was also contemplating setting up 60 airports over the next few years. “In this dynamic environment, we are creating a framework that will encourage more advanced technologies and enhance the passenger experience,” he said.
In 2010, 79 million people traveled to/from/or within India. By 2017 that doubled to 158 million and this number is expected to treble to 520 million by 2037. The nation’s airplane fleet is projected to quadruple in size to approximately 2500 airplanes by 2038.
$ 1.83 bn is expected to be invested in the development of airport infrastructure by 2026.
The Indian Civil Aviation MRO market, at present, stands at around $900 million and is anticipated to grow to $4.33 billion by 2025 increasing at a CAGR of about 14-15 percent.