Oct 26: IATA’s 20-year passenger forecast has revealed that by the year 2024, India will become the third largest aviation market in the world. With this, the Indian aviation market will move past the UK.
Together with the forecast, the association has also warned about protective measures taken by the government on behalf of this might reduce the economic profits and the development activities of the air transport segment.
According to IATA, the forecast is made based on the currently seen tends in the airline transport section. And this suggests a growth of passenger count to 8.2 billion in 2037. In the upcoming 20 years with more than half the total number of passengers, the Asia- Pacific region will provide the largest number of passengers in the air transport market.
It has also been stated that the growth in the air passenger traffic is due to the reasons including constant strong economic growth, developments in household incomes, favorable population and demographic profiles. Apart from this it also added that in the mid-2020s, China will take over the United Nations to become the largest aviation market.
The aviation market is described as per the traffic to, from and inside a country. By 2024, India will follow the US to become the third largest air market. It also says that Indonesia which stood at the 10th in 2017 position will move further to fourth following India by 2030, a report added.