The Indian aviation market will need 1,043 new planes worth around US$145 billion by 2030, the European plane maker Airbus said Thursday.

"According to Airbus' latest market forecast, Indian carriers will require 1,020 new passenger (planes) and 23 freighter aircraft valued at US$145 billion between now and 2030 to satisfy surging annual demand," a statement said.

The forecast was slightly higher than one made a year ago by Airbus, one of the world's leading plane makers along with U.S. rival Boeing.

India's aircraft market is currently ranked fourth worldwide, both in terms of the number of planes and value, Airbus said.

Passenger traffic in India is growing by 7.2 percent annually, well above the average rate of 5.9 percent for the Asia/Pacific region and the global average of 4.8 percent.

"Growing urbanisation and population concentrations combined with a growing middle class and dynamic economic growth are driving demand and this trend is expected to continue," the plane maker noted.

Airbus has ties to India that go back almost 40 years and in 2006 it set up the Airbus Engineering Centre India in Bangalore, where around 250 engineers work on analysis and the development of new products.