India to become world’s 3rd largest aviation market by 2024: IATA
Geneva/New Delhi: International Air Transport Association (IATA) has said that India will take 3rd place after the US, surpassing the UK to become world’s largest aviation market by 2024.
In its 20-Year Air Passenger Forecast, IATA said that China will displace the United States as the world’s largest aviation market in the mid-2020s. The rebalancing of China’s economy towards consumption will support strong passenger demand over the long term.
The International Air Transport Association (IATA) revealed that present trends in air transport suggest passenger numbers could double to 8.2 billion in 2037.
The report said that India will contribute 414 million new passengers for a total of 572 million in the world by 2037.
Over the next two decades, the forecast anticipates a 3.5% compound annual growth rate (CAGR), leading to a doubling in passenger numbers from today’s levels, it said.
“The Asia-Pacific region will drive the biggest growth with more than half the total number of new passengers over the next 20 years coming from these markets. Growth in this market is being driven by a combination of continued robust economic growth, improvements in household incomes and favorable population and demographic profiles,” the report said.
The Association warned, however, that growth prospects for air transport, and the economic benefits driven by aviation, could be curtailed if protectionist measures are implemented by governments.
“Aviation is growing, and that is generating huge benefits for the world. A doubling of air passengers in the next 20 years could support 100 million jobs globally. There are two important things that stand out about this year’s forecast. Firstly, we are seeing a geographical reshuffling of world air traffic to the East. And secondly, we foresee a significant negative impact on the growth and benefits of aviation if tough and restrictive protectionist measures are implemented,” said Alexandre de Juniac, IATA’s Director General and CEO.