They are the big daddies of global aviation industry. Be it Boeing, Airbus, Bombardier, Bell Helicopters, Eurocopters, Gulfstream Aerospace Corp, they are all there at the India Aviation 2010 show.
While some are here to hardsell their latest offerings, others are sniffing around for prospective clients and some others are here just to get a feel of the Indian growth story.
But they are all here because at a time when most economies in the world are struggling to stay afloat, the Indian economy is taking off yet again after having successfully countered the turbulence of the global recession.
That explains why the buzz around India is getting louder and the excitement of global aircraft manufacturers palpable as they are all projecting India to be one of the fastest growing aviation markets in the world with a demand of over 1000 aircraft over the next 20 years.
“Asia Pacific is the biggest market with 8960 airplanes. Within Asia Pacific, India is the fastest growing market with a projected requirement of over 1000 airplanes worth $100 billion by 2028 thanks to its strong GDP growth rate, huge middle class and increasing disposable incomes,” said an excited Boeing India president Dinesh Keskar, pointing out that the turbulence of 2008 and 2009 was a thing of the past for Indian aviation as Indian carriers had turned profitable for the November 2009-January 2010 period.
Indian aviation market has zoomed a whopping 207% in the last 10 years and is slated to score yet another record high in 2010 with a total domestic passenger traffic of 48 million as against 43.8 million in 2009, he said.
That also explains why the American aircraft manufacturer is pumping $100 million into the Indian market for setting up an MRO facility in Nagpur, where the company has acquired 50 acres of land in an SEZ. The project, which is expected to take two years to complete, will have two hangars with a capacity of housing a total of four big aircraft. Boeing’s latest offering, the 787 Dreamliner, will also source its floor beams from a manufacturer in Nagpur.
Rival European aircraft maker Airbus too is pegging the demand in India over the next 20 years at 1032 aircraft worth $138 billion, which is the world’s fifth biggest. No wonder then that Airbus executive vice-president (marketing and contracts) Kiran Rao, has been busy handing over aircraft to Indigo and Air India at the event, is bullish on India.
“We have 19 deliveries of A-320s lined up for 2010 to Indian carriers like IndiGo, Go Air andAir India and another 20 deliveries of A-330s. We expect to improve our market share from 70% to 80% over the next few years in India,’’ says Kiran Rao.
“The Indian economy is showing signs of rebounding and this will translate into new aircraft orders by 2012. Long term, the potential for growth in India’s aviation sector remains exceptional,’’ explained Miranda Mills, vice-president (sales) of Airbus India.
The projections of India requiring 1030 aircraft over the next 20 years has Bombardier too buoyed about its prospects here, though company officials refuse to divulge any details of their delivery schedules for India.
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