Assessment of India's Aviation Sector 2024

Navigating Opportunities and Challenges in the Indian Aviation Industry

As we embark on the year 2024, the aviation sector stands at a pivotal juncture, marked by rapid innovation and evolving market dynamics. Globally, the industry is rebounding from the unprecedented impacts of the COVID-19 pandemic, propelled by robust demand, technological advancements, and renewed consumer confidence. This year is set to witness significant growth in air travel, both in passenger and cargo segments, as airlines expand their networks and modernize fleets to meet the surging demand. Environmental sustainability has become a central theme, driving the adoption of more fuel-efficient aircraft and the exploration of alternative fuels. Additionally, digital transformation is reshaping customer experience and operational efficiency, with advancements in AI, IoT, and data analytics playing key roles. The year 2024 also sees a heightened focus on enhancing connectivity in emerging markets, signalling a more inclusive and expansive growth trajectory for the global aviation industry.

The year 2023 was a year of mixed experiences for the Indian aviation industry. While there were notable accomplishments, including a significant rise in passenger traffic and substantial aircraft orders from leading airlines such as IndiGo and Air India, the sector also faced its share of challenges. Notably, GoFirst, supported by the Wadia group, encountered engine issues leading to grounding, IndiGo faced similar technical difficulties, SpiceJet grappled with financial and legal obstacles, and the fledgling Akasa Air dealt with pilot-related concerns.

By November 2023, IndiGo held the dominant position in India's aviation market in terms of passenger numbers, with a market share of 61.8%. Throughout 2023, IndiGo transported 56.2% of India's air travellers, whereas Air India accounted for 25.1%. Indian airlines collectively maintained a 44.3% market share for international flights during April-September 2023, a notable increase from 35.4% in 2019.

Why Should the Report be Purchased?

The report aims to understand the current landscape and future prospects of this rapidly evolving industry. The report contains market statistics, recent trends and drivers, along with opportunities and challenges. The report includes up-to-date insights and perspectives from leading experts in the industry.

Research Methodology

The analyst has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analysed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.