Nov’25 Air Traffic Trends Signal Early Market Share Rebalancing

India’s November 2025 air traffic data points to a subtle but meaningful shift in competitive momentum across the aviation sector. While overall passenger volumes remained healthy, month-on-month (MoM) market share changes reveal early signs of rebalancing, driven by execution quality, capacity management, and operational reliability.

IndiGo: Scale Intact, Momentum Moderates

IndiGo continued to dominate the market, carrying 96.9 lakh passengers and maintaining a commanding 64% market share. However, MoM data shows a 200 basis point decline, suggesting that although its leadership position remains unchallenged, incremental growth slowed during the month. This reflects normalization after aggressive capacity additions rather than any structural weakness.

Air India: Clear Momentum Gainer

Air India emerged as the standout performer in November. The airline carried 40.8 lakh passengers, securing a 27% market share with a 100 bps MoM gain. This improvement highlights better execution, network strengthening, and early benefits of ongoing restructuring, reinforcing confidence in its turnaround trajectory.

Akasa Air and SpiceJet: Diverging Paths

Akasa Air witnessed a 50 bps MoM decline, indicating near-term pressure likely stemming from capacity constraints or heightened competition on key routes.
In contrast, SpiceJet delivered a sharp 110 bps MoM gain. Despite operating from a smaller base, the improvement signals tactical recovery, supported by improved aircraft availability and more stable operations.

Sector Takeaway: Leadership Holds, Momentum Rotates

November 2025 data underscores a phase where market leadership remains intact, but growth momentum is clearly rotating toward selective players. Airlines executing well on capacity deployment, fleet availability, and service reliability are gaining incremental share, setting the stage for a more competitive landscape ahead.

Bottom line: India’s aviation market is entering a phase of measured rebalancing, where scale alone is no longer the sole differentiator—execution quality is becoming the key driver of market share gains.