Key Market Indicators
Indian airline revenue is projected to soar to approximately $891 million by 2028, up from about $726 million in 2023, marking an average annual growth rate of 3.3%. Over the past decade, the Indian market has experienced a robust year-on-year increase of 10.3%. In 2023, India ranked 19th globally in airline revenue, with Belgium slightly ahead at $726 million. The top spots in this ranking were held by Germany, Ireland, and Russia, respectively. Meanwhile, Indian air passenger traffic is set to climb to nearly 254 million passengers by 2028, from around 193 million in 2023, reflecting an average annual growth rate of 4.3%. Since 1975, the demand for air travel in India has grown at an average rate of 3.3% per year. In 2023, India was the third-largest market for air passenger traffic, with China leading at roughly 193 million passengers. Following China and India in this ranking was Ireland.
