Indian Economy News

Global airlines bet big on India, expect it to be hottest travel market

  • IBEF
  • June 18, 2024

Global airlines are expanding their flight schedules and launching new routes in India, anticipating it will become one of the hottest travel markets in the next decade, according to airline officials and analysts. India, one of the fastest-growing major aviation markets, was a focal point at the largest gathering of global airline CEOs and aircraft leasing companies in Dubai last week. Domestic and international air travel in India is surging, with the domestic market expected to double to 300 million passengers from a record 152 million in 2023, according to government data.

International traffic is projected to grow even faster, reaching 160 million passengers by 2030 from 64 million last year, as estimated by aviation research group CAPA India. To capitalize on this growth, Turkish Airlines is considering flights between Antalya and India, as announced by chairman Ahmet Bolat at The International Air Transport Association (IATA) summit. The airline may operate the route through Sun Express, a carrier it runs jointly with Lufthansa, or through its Indian codeshare partner IndiGo. Hungary-based budget carrier Wizz Air plans to launch its first flights to India next year, CEO Mr. Jozsef Varadi revealed at an aviation conference in New Delhi last week, organized by CAPA India. The positive outlook has led India's two largest airlines—budget carrier IndiGo and Tata Group's Air India—to place record orders for hundreds of new planes, which will be delivered over the next decade.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.