Passenger Air Transport Global Market Sees Growth Rate Of 18% Through 2026
22 Jun, 2022
The global passenger air transport market size is expected to grow from $524.18 billion in 2021 to $588.09 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The passenger air transport services market is then expected to grow to $1,141.5 billion in 2026 at a CAGR of 18%.
What is the Global Passenger Air Transport Market?
The passenger air transport services market consists of sales of passenger air transportation services and related goods by entities (organizations, sole traders, and partnerships) that use aircraft, such as airplanes and helicopters to provide air transportation services for passengers. It includes services offered by both scheduled and nonscheduled air carriers.
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What drives the Global Passenger Air Transport Market?
The increase in global tourism is expected to fuel the growth of the passenger air transport market in the forecast period. Global tourism is probably the largest movement of goods, services, and people and it is a major force for economic growth and socio-political transition. According to the United Nations World Tourism Organization (UNWTO), 1.5 billion international tourist arrivals were recorded in 2019, globally. A 4% increase on the previous year which is also forecast for 2020 and is expected to cross US$ 23 million by 2023. Therefore, the increase in global tourism drives the growth of the passenger air transport market.
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Global Passenger Air Transport Market Segments
The global passenger air transport market is segmented:
By Type: Domestic Air Passengers, International Air Passengers
By Class: Business Class, Economy Class
By End-Use: Private, Commercial
By Geography: The regions covered in the passenger air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Passenger Air Transport Global Market Report 2022provides market size and growth forecasts for the global passenger air transport market, global passenger air transport market share, passenger air transport market segments and geographies, passenger air transport market competitive landscape including leading competitors’ revenues, profiles and market shares. The passenger air transport market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Passenger Air Transport Industry Playersinclude The Emirates Group, American Airlines Group Inc., Delta Air Lines Inc., United Airlines Inc., China Southern Airlines, Japan Airlines Co Ltd, Ryanair DAC, Air France–KLM, and Qatar Airways Company Q.C.S.C. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.