INDIA, which is now the ninth largest aviation market in the world, will overtake the UK to take the third position in over 15 years, after China and the United States, global airlines' body IATA said on Thursday (October 16).
India would be among the top five fastest growing markets in terms of adding more passengers every year, the first IATA projection for the next two decades showed.
“Currently the ninth largest market, India will see a total of 367 million passengers by 2034, an extra 266 million annual passengers compared to today. It will overtake the United Kingdom (148 million extra passengers, total market 337 million) to become the third largest market around 2031,” a report of the International Air Transport Association (IATA) released on Thursday showed.
By 2034, “the five fastest-increasing markets in terms of additional passengers per year will be China (856 million new passengers per year), the US (559 million), India (266 million), Indonesia (183 million) and Brazil (170 million).”
The Indian and Brazilian domestic markets would grow at 6.9 and 5.4 per cent respectively, with the former adding 159 million extra passengers and the latter 147 million. Their total domestic air markets will be 215 million and 226 million
respectively, the IATA projections showed.
Eight of the ten fastest-growing markets in percentage terms over the next two decades would be in Africa, with Central African Republic, Madagascar, Tanzania, Burundi and Kuwait making up the five fastest-growing markets.
Interestingly, intra-Pakistan flights would also grow at a fast average rate of almost ten per cent.
Among the highlights of the report is the expectation that China would overtake the United States as the world's largest passenger market – defined by traffic to, from and within, by 2030. “Both markets, however, are expected to remain the largest by a wide margin,” the study said.
