Friday, April 23, 2021

India Emerges as the Fastest Growing Aviation Market: IATA Report

Indian aviation market has recorded a robust growth for the fourth consecutive year. The domestic aviation market of India has accelerated at a pace of 18.6% followed by China with 11.7%, says International Air Transport Association (IATA) report.

With Rise and Rise of India and China, Will This Really Be The Asian Century?

The domestic aviation market of both India and China witnessed a significant boom in demand due to robust economic growth. The report says that the Indian domestic aviation market registered the double-digit growth in the month of October.

Apart from India and China, other countries to gain significant share includes Russia (9%), the USA (5.1%) and Brazil (4.8%). All these countries come under the top five rapidly growing in domestic aviation markets.

As per the IATA, that revenue passenger kilometers (RPKs) increased by 6.5% in 2018 in comparison with 8% growth recorded in 2017. The report also raised concern over global issues like the Brexit and US-China trade relations can lead to a fall in the aviation market. The aviation industry has predicted a rise of 6% in passengers demand for the current year.

The International Air Transport Association emphasised saying, “The outlook is being supported by forecasts of a still relatively sound global economy. That said, the slower rate of Revenue Passenger Kilometer growth in the second half of last year and the increasing uncertainty about global economic conditions in 2019 pose downside risks to the passenger demand growth forecast in the upcoming year.”

More News at EurAsian Times



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