Key Market Indicators
Indian airline revenue is projected to soar to approximately $891 million by 2028, up from $726 million in 2023, marking a compound annual growth rate (CAGR) of 3.3%. The Indian market has seen a significant leap, growing by 10.3% year-on-year since 2013. In 2023, India ranked 19th in global airline revenue, with Belgium slightly ahead at $726 million. Leading the pack were Germany, Ireland, and Russia, occupying the second, third, and fourth positions, respectively. Meanwhile, Indian air passenger traffic is set to reach around 254 million by 2028, rising from 193 million in 2023, representing an average annual growth rate of 4.3%. Indian demand for air travel has been climbing steadily, with a year-on-year increase of 3.3% since 1975. In 2023, India held the third spot in global air passenger traffic. China led the rankings at 193 million passengers, with China, India, and Ireland coming in second, third, and fourth, respectively.
