India's DGCA updated its domestic traffic data through June 2025. Our model has also been updated. IATA has also been focusing on India. Notes Market strength: Passenger demand remains robust, and freight volumes also demonstrate resilience. Market share: IndiGo holds 62%, Air India 17%, and Air India Express 11%—a combined 90% share. Akasa’s momentum: With only 4% market share, Akasa stands out with India’s highest load factor (93%) and an average of 174 passengers per flight. Its fleet of 737 MAX 8-200s offers a cost advantage versus rivals shifting to A321s. The MAX 10 should arrive in time to support further growth. Upsizing pressure: Passenger growth continues to outpace flight growth, pushing average industry load factors to 84.7%. This explains the accelerated shift to larger narrowbodies, such as the A321. OEM implications: India’s market is maturing, mirroring U.S. trends toward upsizing. However, Embraer could find an opportunity with the E195-E2, well-suited to provide additional lift in high-demand markets. Summary India’s domestic aviation market is consolidating around three leaders, but Akasa’s efficiency and growth trajectory show there’s room for challengers. With traffic outpacing capacity, fleet strategy—whether A321, MAX 10, or E2—will define the winners over the next decade.