IATA: China will replace USA as largest aviation market in mid-2020s
According to the latest International Air Transport Association’s report, the shift of China’s economy towards consumption will support strong passenger demand over the long term.
Its 20-year Air Passenger Forecast showed 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 the Asia-Pacific market is being driven by a combination of continued robust economic growth, improvements in household incomes and favorable population and demographic profiles.
“China will displace the United States as the world’s largest aviation market (defined as traffic to, from and within the country) in the mid-2020s,” IATA said.
According to its report, India will take third spot after the US, surpassing the UK around 2024. Indonesia is forecast to be a standout performer – the country will climb from the world’s tenth largest aviation market in 2017 to the fourth largest by 2030.
Thailand is expected to enter the top 10 markets in 2030, replacing Italy which drops out of the ranking.
IATA revealed that present trends in air transport suggest global passenger numbers could double to 8.2 billion in 2037.
“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,” said IATA’s Director General and CEO Alexandre de Juniac.
IATA, however, warned that growth prospects for air transport, and the economic benefits driven by aviation, “could be curtailed if protectionist measures are implemented by governments.”