India needs 1,290 aircraft in next 20 years: Airbus

Indian airlines will need 1,290 new passenger aircraft in next 20 years to satisfy booming travel demand, Europe's biggest airchaft maker Airbus said Thursday.

Of the requirement for these new aircraft worth 190 billion U.S. dollars, 73 percent will be for growth and 27 percent for replacement, the plane maker said in its latest forecast for 2013-2032.

"By 2032, today's fleet of 343 aircraft will more than triple to some 1,233 aircraft," said leading aircraft maker in a statement.

As a result of increased capacity of international as well domestic routes with larger aircraft like the A330 and A350s, 36 percent of India's fleet will be wide-bodies, more than doubling today's level, said Airbus.

Considering the high growth rate of Indian annual passenger traffic which stood at 8.6 percent, well above the region's average growth rate of 6.1 percent and the world average of 4.7 percent, India domestic traffic will be the world's third largest domestic market in 2032, estimated the aircraft maker.

"As the people of India fly more and the number of first time flyers increases, demand for the latest generations of aircraft will also increase making India on of the largest and most dynamic markets in the world," said Airbus Executive Vice President Strategy and Marketing Kiran Rao.

Airbus on Tuesday announced the creation of a fully owned subsidiary in India to manage the company's activities in the country spread across several sites.

With over 170 Airbus aircraft operated currently by India carriers, Airbus' current market share of sales in India represents over 60 percent of the country's total aircraft backlog.