The number of registered air carrier departures in India has exhibited significant growth over the past decade, with values reaching 1357 thousand departures in 2023. Following a notable peak in 2019 and a subsequent sharp decline in 2020 due to the pandemic, the industry showed a robust recovery with a 55.65% year-on-year increase in 2022 and a 17.9% increase in 2023.
Over the last two years, the year-on-year variation reveals a strong recovery trajectory: 55.65% increase in 2022 and 17.9% in 2023. The last five years' Compound Annual Growth Rate (CAGR) stands at 2.49%, indicating steady growth post-pandemic. Looking forward, the forecasted five-year CAGR is projected at 3.67%, with a cumulative growth rate of 19.73% by 2028.
Future trends to watch for include:
- Impact of increasing fuel prices on operational costs
- Expansion of domestic low-cost carriers
- Infrastructure development in secondary and tertiary airports
- Advancements in aircraft technology improving efficiency
- Government policies and regulations influencing market dynamics
