India, which is currently the 7th largest aviation market in the world, is all set to become the 3rd largest aviation market by 2024.
International Air Transportation Association (IATA), a global airlines trade body, has forecasted this based on its 20-year-old air passenger data.
According to them, by 2037, India will account for 414 million passengers out of the 572 new air travellers around the world.
According to the report released by IATA, the Asia-Pacific region will drive the biggest growth in the aviation industry, with more than half of the number of new passengers in the next 20 years.
Here is a quick overview of the forecasts from the report:
- China will displace the USA as the world’s largest aviation market in the mid 2020’s
- India will take the 3rd place, after the US by 20204, surpassing the UK
- Indonesia is expected to go from 10th place (in 2017) to 4th place by 2030
- Thailand is expected to enter the tenth spot in 2030, replacing Italy
- There is a geographical reshuffling of world air traffic to the East
- In the next 20 years, there will be a 3.5 % annual growth in air traffic, which will double the air passenger numbers
- Approximately, 100 million jobs will be created by the industry
However, IATA has warned governments to stop control over aviation regulations and policies (protectionist measures) if they want to see the growth of the industry and enjoy economic benefits driven by aviation.