As of May 2018, the combined in-service fleet of Indian carriers is 588. The average age of aircraft in service is 7.1 years. In the past 10 years, the total fleet size has grown at an average rate of 4.8 per cent per annum. Over 440 airliners in India are on operating lease, spread among 43 lessors, making India one of the most diversified leasing markets. Around 76 per cent of the fleet are on operating lease, which is highest in the world. Avolon is the largest lessor with 53 aircraft in India. GE Capital Aviation Services is ranked second with 39 planes followed by DAE Capital with 33. The 10 largest lessors in the market account for around 60 per cent of the leased fleet. Over the decade, domestic passenger demand is forecast to grow at an average annual rate of 9.6 per cent, while international passenger traffic growth is expected to be 8.3 per cent. India’s current passenger fleet will double to almost 1,100 aircraft by 2027 with the total value of aircraft to be delivered over the coming 10 years projected to be $60 billion at current list prices.