What Has Been the Growth Trajectory of the Passenger Air Transport Market?
The passenger air transport market has seen considerable growth due to a variety of factors.
• In the previous years, the passenger air transport market has witnessed robust growth. The market that was worth $939.68 billion in 2024, is projected to leap to $1006.17 billion in 2025 with a compound annual growth rate (CAGR) of 7.1%.
The historical growth can be traced back to the surge in air travel demand, customized group tours, and a rising count of airport expansion projects.
What Does the Future Hold for the Passenger Air Transport Market?
The passenger air transport market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the passenger air transport market is projected to witness robust expansion in the coming years, with anticipated growth to reach $1256.72 billion in 2029, at a compound annual growth rate of 5.7%.
Factors contributing to this projected increase during the forecast period include governmental backing, a surge in global tourism, escalating urbanization, and the amplified application of analytics within the aviation industry. Key trends emerging in the forecast period involve the utilization of artificial intelligence, emphasis on cloud-based technologies, advancements in technology, implementation of biometric technology, product innovation, and strategic partnerships and acquisitions.
What Are The Core Factors Supporting Growth In Passenger Air Transport Market?
The anticipated surge in worldwide travel is predicted to propel the passenger air transport market's expansion during the projected timeframe. Global tourism, which possibly represents the most extensive movement of commodities, services, and individuals, serves as a significant catalyst for economic development and socio-political transition. As per the National Statistics, a government agency in the UK, in June 2022, the UK attracted 3.0 million foreign tourists and UK inhabitants took 7.8 million overseas journeys. Visitor expenditure amounted to £2.7 billion, while spending by UK tourists totalled £6.2 billion. Consequently, the rise in global tourism is contributing to the growth of the passenger air transport market.
What Are The Primary Segments In The Global Passenger Air Transport Market?
The passenger air transport market covered in this report is segmented –
1) By Type: Domestic Air Passengers, International Air Passengers
2) By Class: Business Class, Economy Class, First Class
3) By End-Use: Private, Commercial
Subsegments:
1) By Domestic Air Passengers: Commercial Domestic Flights, Private Domestic Flights, Low-Cost Carrier Domestic Flights
2) By International Air Passengers: Commercial International Flights, Private International Flights, Low-Cost Carrier International Flights
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Which Key Trends Are Driving Changes In The Passenger Air Transport Market?
Big players in the passenger air transport market are turning their attention towards the launch of passenger airlines as a strategy to strengthen their position in the market. The concept of a passenger airline revolves around a business entity or organization offering air transportation services for individuals, facilitating air travel from one place to another. As an illustration, Qatar Airways, an airline company based in Qatar, in October 2024, pioneered the launch of the first-ever Boeing 777 with Starlink technology, aimed to improve in-flight connectivity. The inaugural flight for this aircraft was scheduled for October 22, 2024, from Doha to London, providing passengers with free high-speed, low-latency internet connection, making streaming, gaming, and work effortless at cruising altitudes. The airline's future plans include fitting 12 more Boeing 777-300ERs with Starlink by the close of 2024, followed by extending the service to its entire Boeing 777 collection by 2025. The company also plans to integrate this service on the Airbus A350 fleet thereafter.
Who Are the Key Players in the Passenger Air Transport Market?
Major companies operating in the passenger air transport market include:
• American Airlines Group Inc.
• Delta Air Lines. Inc.
• United Airlines Holdings. Inc.
• Lufthansa Group
• Air France–KLM
• WestJet
• TAL Aviation Group
• Egyptair
• LATAM Airlines
• Air Transat
• Sunwing
• Allegiant Air
• easyJet
• Controladora Vuela Compania de Aviacion SAB de CV
• South African Airways
• China Airlines
• The Emirates Group
• Red Sea Airlines
• Avianca Group International Limited
• Emirates Airline
• Ryanair DAC
• Kenya Airways
• United Nigeria Airlines Company Limited
• Turkish Airlines
• Qatar Airways Company Q.C.S.C.
• Japan Airlines Co Ltd
• ABC Aerolineas SA de CV
• El Al Israel Airlines Ltd
• Air Canada
• Linea Aerea Amaszonas
• AirAsia
• TAROM SA
• Austrian Airlines AG
• Jazz
• Aerolineas Argentinas
• Ikar Airlines LLC
• Norwegian Air Shuttle ASA
• Boliviana de Aviacion
• Azul Linhas Aereas Brasileiras S/A
• British Airways Ltd
• Grupo Aeromexico SAB de CV
• Oman Air
• Riyadh Air
• FB Lineas Aereas SA
• Hawaiian Airlines
• Southwest Airlines Company
• Gol Linhas Aereas Inteligentes SA
• Saudia
• Red Wings Airlines
• Etihad Airways
• Singapore Airlines Ltd.
• Flydubai
• Swiss International Air Lines AG
• LOT Polish Airlines
• Ethiopian Airlines
• RwandAir Limited
What Is The Most Dominant Region In The Passenger Air Transport Market?
Asia-Pacific was the largest region in the passenger air services transport market in 2024. North America was the second largest region in the passenger air transport services market. The regions covered in the passenger air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
