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AVIATION March 2021 For updated information, please visit www.ibef.org Table of Contents Executive Summary 3 Advantage India 4 Market Overview 6 Recent Trends and Strategies 18 Growth Drivers 23 Opportunities 33 Key Industry Contacts 35 Appendix 37 2 Executive summary For 2028, Expected Expected Indian air forecasted Spending on expenditure of aviation market passenger contribution of business travel Indian ranking by traffic in travel & in 2019 travellers in 2024 February 2021 tourism to GDP 2021 3rd largest 98.43 million US$ 492.21 billion US$ 234.16 billion US$ 136 billion Business and Leisure Travel Spending Travel and Tourism Total Contribution to Air passenger traffic in India (million) (US$ billion) GDP* (US$ billion) CAGR 7.13% 308.75 344.70 341.05 432.35 492.21 234.16 12.84 24.41 247.30 98.43 2019 2028F 2018 2028F Leisure Travel FY18 FY19 FY20 FY21* Note: *At real prices, E - Estimated, F - Forecasted,, ^As per IATA forecasts, *- until February 2021 Source: World Travel and Tourism Council, Airport Authority of India 3 Advantage India 4 Advantage India 1. Robust demand 4 .Opportunities in MRO ► Rising working group and widening ► Growth in aviation accentuating middle class demography is demand for MRO facilities. expected to boost demand. ► Expenditure in MRO accounts for ► India has envisaged increasing the 12-15% of the total revenue; it is number of operational airports to the second-highest expense after 190-200 by FY40. fuel cost. ► Country will become the third- ► By 2028, the MRO industry is largest aviation market in terms of 1 4 likely to grow over US$ 2.4 billion passengers by 2024^. from US$ 800 million in 2018. ► India will need 2,380 new 3. Policy support commercial airplanes by 2038. ADVANTAGE INDIA ► Foreign investment up to 49% is 2. Increasing investments allowed under automatic route in 2 3 scheduled air transport service, ► Investment to the tune of Rs. 420- regional air transport service and 450 billion (US$ 5.99-6.41 billion) domestic scheduled passenger is expected in India’s airport airline. infrastructure between FY18-23#. ► Under Union Budget 2021-22, the ► Growing privatesector participation government lowered the custom through the Public-Private duty from 2.5% to 0% on Partnership (PPP). components or parts, including engines, for manufacturing of aircrafts by public sector units of the Ministry of Defence. Notes: FDI - Foreign Direct Investment, MRO - Maintenance, Repair and Overhaul; FY - Indian Financial Year (April - March), ^As per IATA forecasts, #As per CRISIL Source: Ministry of Civil Aviation, MRO India, IATA, Crisil, FICCI, PwC 5 Market Overview MARKET OVERVIEW 6 Evolution of the Indian aviation sector . India is the 7th largest civil aviation market in the world and is set to become the world’s 3rd* largest by 2024. InY F 20, airports in India witnessed domestic passenger traffic of about 274.50 million people. India plans to open 100 additional airports by 2024. In-service fleet size of scheduled Indian operators stood at 643 airplanes as of July 2019. The number of airplanes is expected to grow to 1,100 by 2027. Scheduled airlines: distance flown (million 199 1,549.7 (FY19) kms) Non-scheduled airlines in 39 72 (FY19) operation Number of aircrafts (FY20 as (scheduled Indian 225 680 of operators) November 2019) Cargo handled 703,000 3,328,296 (FY20) Number of operational 50 153 airports 2000 2020 Note: *As per IATA forecasts, FY - Indian Financial Year (April - March), mn km - Million Kilometers, P - Provisional Source: Airports Authority of India, Ministry of Statistics and Programme Implementation, Ministry of Civil Aviation, DGCA, News Articles 7 Airports and airstrips Domestic airports Non-operational (9) (66) AAI managed (125) Airports and airstrips Operational (90) Customs airports (7) in India (464) Non-AAI airports and airstrips (339) Civil enclaves (26) International (17) Activity in AAI airports - shares (%) - FY20 120.00% . Airports Authority of India (AAI) was - 16.7% 19.5% 60.2% Activity in AAI airports 100.00% • Established in 1994 under the - shares (%) - FY20 Airports Authority Act. 80.00% 83.3% 80.5% • Responsible for developing, 60.00% financing, operating and 40.00% maintaining all Government airports. 20.00% 39.8% Basic facts • The Aircraft Act (1934) governs 0.00% remaining airports. Aircraft movement Passenger traffic Freight Traffic Domestic International Note: AAI - Airports Authority of India, JV - Joint Venture, FY - Indian Financial Year (April - March) Source: Airports Authority of India 8 Key airlines operating in India Data for February 2021 Airline operators Market share Load factor Passengers ferried (lakh) 54.2% 74.4% 54.2 12.6% 78.9% 12.6 11.0% 78.3% 17.13 7.8% 76.5% 12.15 6.8% 67.9% 10.52 6.8% 73.7% 10.55 Note: Market Share and Passenger Load Data for the month of February 2021 Source: Directorate General of Civil Aviation 9 Major airports in India Delhi: Passenger traffic handled FY16: 48.42 million FY17: 57.70 million FY18: 65.69 million FY19: 69.23 million FY20: 67.30 million Kolkata: Passenger traffic handled FY16: 12.42 million FY17: 15.82 million FY18: 19.89 million FY19: 16.89 million FY20: 22.15 million Mumbai: Passenger traffic handled FY16: 41.67 million FY17: 45.15 million FY18: 48.50 million FY19: 48.82 million Hyderabad: Passenger traffic handled FY20: 45.87 million FY16: 12.39 million FY17: 15.10 million FY 18: 18.16 million FY19: 21.40 million Bengaluru: Passenger traffic handled FY20: 21.65 million FY16: 18.97 million FY17: 22.88 million FY18: 26.91 million Chennai: Passenger traffic handled FY19: 33.31 million FY16: 15.22 million FY20: 32.36 million FY17: 18.36 million FY 18: 20.36 million FY19: 22.54 million FY20: 22.26 million Note: FY - Indian Financial Year (April - March) Source: AAI 10 Airlines demand, capacity and utilisation Domestic Demand, Capacity and Utilisation International Demand, Capacity and Utilisation 140,000 90% 180,000 89% 88.5% 88.1% 88% 160,000 88% 120,000 87.0% 140,000 87% 86% 100,000 120,000 86% 84% 80,000 100,000 85% 81.0% 82% 80,000 84% 60,000 79.3% 78.3% 80% 84.3% 82.8% 60,000 83% 78% 40,000 40,000 82% 76% 126,054.2 126,054.2 20,000 111,620.4 101,669.6 101,669.6 81,720.7 81,720.7 91,245.0 91,245.0 82,367.0 74% 20,000 81% 64,821.4 71,444.1 97,728.0 97,728.0 116,944.8 116,944.8 134,541.2 155,033.4 80,965.9 98,641.2 117,041.7 136,631.4 0 80% 0 72% FY16 FY17 FY18 FY16 FY17 FY18 FY19^ FY19^ Capacity (Available Seat Kilometer*) Capacity (Available Seat Kilometer*) Demand (Revenue Passenger Kilometer*) Demand (Revenue Passenger Kilometer*) Utilisation (Passenger Load Factor in percentage) Utilisation (Passenger Load Factor in percentage) . Demand and Capacity in India’s civil aviation sector have shown robust growth. Capacity (Available Seat Kilometer) available in domestic flights increased to 155,033.4 million kms in FY19^. Correspondingly, demand (Revenue Passenger Kilometer) for domestic services grew rapidly to 136,631.4 million kms in FY19^. Capacity (Available Seat Kilometer) available in international flights increased to 126,054.2 million kms in FY19^. Correspondingly, demand (Revenue Passenger Kilometer) for international services grew rapidly to 111,620.4 million kms in FY19^. Growth in demand has consistently outpaced the growth in supply, resulting in high utilisation (Passenger Load Factor). Notes: *in million kilometre, ^provisional Source: Directorate General of Civil Aviation 11 Passenger traffic…(1/2) . Growth in passenger traffic has been strong since the new VisakhapatnamPassenger port * traffictraffic (million)(million tonnes) millennium, especially with rising income and low-cost aviation. 400 . India’s passenger* traffic stood at 98.43 million in FY21. India has become the third largest domestic aviation market in the 350 world and is expected to overtake UK to become the third largest air passenger* market by 2024. 300 344.70 . By 2036, India is projected to have 480 million flyers, which will be 341.05 more than that of Japan (just under 225 million) and Germany ( just 308.75 over 200 million) combined. 250 264.97 200 223.62 150 100 50 98.43 0 FY16 FY17 FY18 FY19 FY20 FY21^ Notes: FY - Indian Financial Year (April - March), *passenger - Domestic + International,, ^- until February 2021 Source: Association of Private Airport Operator, Airports Authority of India 12 Passenger traffic…(2/2) . Domestic passenger traffic expanded at a CAGR of 12.91% from InternationalVisakhapatnam and domestic port traffic passenger (million traffic tonnes) (million) FY16 to FY20. International passenger traffic registered growth at a CAGR of 5.01% 400.0 40% from FY16 to FY20. 350.0 . InY F 20, domestic passenger traffic stood at 274.50 million while 20% international traffic stood at 66.54 million. 300.0 69.48 66.54 0% 250.0 65.48 -20% 59.29 200.0 54.72 -40% 150.0 -60% 100.0 8.52 89.91 50.0 -80% 168.89 205.68 243.28 275.22 274.50 0.0 -100% FY16 FY17 FY18 FY19 FY20 FY21^ Domestic International Growth-Domestic Notes: E- Estimate, YoY - Year on Year, FY - Indian Financial Year (April - March), ^- until February 2021 Source: Airports Authority of India, Ministry of Civil Aviation 13 Freight traffic…(1/2) . Freight traffic grew at a CAGR of 5.32% from FY16 to FY20 from VisakhapatnamFreight traffic port (milliontraffic (million tonnes) tonnes) 2.70 million tonnes (MT) to 3.33 MT. 4.00 . Freight traffic on airports in India has the potential to reach 17 MT by #CAGR 5.32% FY40.
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