New Delhi, March 12 -- India is set to become the world's third-largest air passenger market by 2030, after China and the US, as per the International Air Transport Association (IATA).

The aviation market, estimated at $13.5 billion in 2024, is projected to reach $23.2 billion by 2029, implying a compounded annual growth rate (CAGR) of 11.4% during 2024-2029.

No nation in the world is buying as many aeroplanes as India. The country's largest airlines have ordered nearly 1,000 jets this year, committing tens of billions of dollars to a spending spree unparalleled in aviation.

The bulk of the growth of Indian aviation has been among homegrown airlines, which have clocked a 36% increase in passengers since 2022.

Air India has been adding...