India to become third largest aviation market by 2024

India, currently the world’s seventh largest aviation market, is set to become the third largest aviation market by 2024, said International Air Transport Association, a global airline trade body, in its 20-year air passenger forecast. By 2037, of 572 million new passengers in the world, India will account for 414 million.

Present trends in air travel suggest that the number of passengers could double to 8.2 billion in 2037, which represents 290 airlines or 82% of global air traffic, said the report. “The Asia-Pacific region will drive the biggest growth, with more than half the number of new passengers in 20 years,” the report said, adding that growth in this market is being driven by continued robust economic growth and favorable population. China will displace US as world’s largest aviation market in the mid-2020s. India will take the third place after the US around 2024, surpassing UK. Indonesia is expected to go from the world’s tenth largest aviation market in 2017 to the fourth largest by 2030. Thailand is expected to enter tenth spot in 2030, replacing Italy. In next two decades, the forecast anticipates a 3.5% compound annual growth rate, leading to a doubling in flyer numbers. The association warned growth prospects for air transport and economic benefits driven by aviation can be curtailed if governments implement protectionist measures.

“Doubling of flyers could support 100 million jobs globally. We are seeing a reshuffling of world air traffic to the East,” said Alexandre de Juniac, IATA’s director-general and CEO.

The International Air Transport Association said that growth in Asia-Pacific region is being driven by a robust economy

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