India’s Aerospace market is on a remarkable growth trajectory, driven by both the defence and civil aviation sectors. Here’s a detailed look at the factors contributing to this expansion and what the future holds.
1. Market Size and Growth
The Indian aerospace and defence market is projected to grow from USD 27.1 billion in 2024 to USD 54.4 billion by 2033, with a compound annual growth rate (CAGR) of 6.99%. This growth is fuelled by increasing demand for commercial aircraft, rising defence expenditure, and advancements in space technology.
2. Key Drivers:
3. Opportunities and Challenges:
4. Prospects:
The future of India’s aerospace market looks promising, with continued investments in both defence and civil aviation. The focus on indigenous manufacturing and the adoption of advanced technologies like artificial intelligence and robotics are expected to drive further growth.
Conclusion
India’s Aerospace market is poised for significant growth, driven by increasing demand in both the defence and civil aviation sectors. With the government’s support and a focus on technological advancements, the market is set to reach new heights in the coming years.