How Has The Airlines Market Size Evolved In Recent Years?
The airlines market has seen considerable growth due to a variety of factors.
• The size of the airline industry has seen significant growth in the recent past. The projections indicate that the growth will rise from $554.53 billion in 2024 to $598.81 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. Factors such as airline industry deregulation, globalization, open skies agreements, economic variances, strategic alliances, and mergers, as well as changes in consumer preferences, have contributed to the growth during the historic period.
What Is The Forecast For The Airlines Market?
The Airlines market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of airlines is predicted to experience significant growth in the forthcoming years, expanding to $845.97 billion in 2029 with a compound annual growth rate (CAGR) of 9.0%.
Factors contributing to this predicted growth during the forecast period include recovery from global incidents, changes in travel regulations, an emphasis on sustainability, increased demand for high-end services, and the expansion of regional markets. Key trends shaping this forecast period consist of digital transformation, commitment to sustainable and environment-friendly procedures, personalised customer services, breakthroughs in technology, as well as health and safety precautions.
What Are The Essential Drivers Behind The Growth Of The Airlines Market?
The airline market is projected to experience significant growth due to an expected rise in the number of air passengers. Air passengers are individuals who travel by aircraft, transporting both people and freight globally. The impact of air travel extends beyond transportation, contributing significantly to a region's economic and social development, and sustainability. For example, Eurostat, the Luxembourg-based statistical agency of the European Union, reported that during the first quarter of 2024, air passenger travel across the EU reached 198 million. This figure marks a 11.5% increase from the same period in the previous year, 2023. Therefore, the rise in air travel passenger numbers is a driving force behind the growth of the airline market.
How Is The Global Airlines Market Divided Into Key Segments?
The airlines market covered in this report is segmented –
1) By Type Of Transport: Domestic, International
2) By Size: Narrow Body, Wide Body, Regional And Business Jet, Freighter
3) By Application: Passenger, Freight
Subsegments:
1) By Domestic: Scheduled Domestic Flights, Charter Domestic Flights
2) By International: Scheduled International Flights, Charter International Flights
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What Trends Are Reshaping The Future Of The Airlines Market?
Strategic alliances are emerging as a prominent trend in the aviation market. Several airline companies are entering partnerships to consolidate their footing in the industry. For instance, Air India, an India-based airline firm, joined hands with Alaska Airlines in November 2023. This collaboration enables Air India travelers to effortlessly connect to 32 locations throughout the United States, Mexico, and Canada. Alaska Airlines is an American airline company known for its passenger and freight air services. Furthermore, in January 2023, the Air France-KLM Group, a French airline company, initiated a partnership with US-based Delta airlines and UK-based Virgin Atlantic to create the world's premier alliance. This collaboration will offer passengers more flexible flight schedules while both parties strive to make air travel easy and trustworthy with any airline.
Who Are the Key Players In The Airlines Market?
Major companies operating in the airlines market include:
• Air France-KLM S.A.
• American Airlines Group Inc.
• Ana Holdings Inc.
• British Airways PLC.
• Delta Air Lines Inc.
• Deutsche Lufthansa AG
• Hainan Airlines Co. Ltd.
• Japan Airlines Co. Ltd.
• LATAM Airlines Group S.A.
• Qantas Airways Limited
• Ryanair Holdings Plc
• Singapore Airlines
• Southwest Airlines Co.
• Thai Airways International PCL
• United Airlines Holdings Inc.
• WestJet Airlines Ltd.
• Air Canada
• Alaska Air Group
• Allegiant Travel Company
• Azul Linhas Aéreas Brasileiras S/A
• Copa Holdings S.A.
• Emirates Group
• Finnair Oyj
• Hawaiian Holdings Inc.
• International Consolidated Airlines Group S.A.
• JetBlue Airways Corporation
• Korean Air Lines Co. Ltd.
• Norwegian Air Shuttle ASA
• Spirit Airlines Inc.
• Turkish Airlines Inc.
• Virgin Australia Holdings Limited
• Volaris Aviation Holding Company
• Wizz Air Holdings Plc
• Xiamen Airlines Co. Ltd.
What Are The Regional Insights Into The Airlines Market?
Asia-Pacific was the largest region in the airline market in 2024. Asia-Pacific is expected to be the fastest-growing region in the airlines market report during the forecast period. The regions covered in the airlines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
