India set to be third largest aviation market

• India is set to become the 3rd largest aviation market globally by 2024 from its current 7th position, according to global aviation trade body IATA.

Key Highlights

• According to the IATA’s 20-year AIR PASSENGER FORECAST report, the number of air passengers could double to 8.2 billion in 2037.
• In the next two decades, the forecast anticipates a 3.5 per cent compound annual growth rate (CAGR) in the number of passengers.
• The world is witnessing a geographical reshuffling of air traffic to the East. Asia-Pacific region will account for half the total number of new passengers over the next 20 years.
• While Asia-Pacific region is expected grow at the rate of 4.8%, Africa will grow at the rate of 4.6% and west Asia at 4.4%.

Top Markets

• China is set to become the world’s largest aviation market in the mid-2020s replacing USA.
• India will take the third place by surpassing the U.K. around 2024.
• By 2037, India is expected to add 414 million passengers to its existing 572 million passengers.
• Indonesia is likely to be the fourth largest by 2030 from its current ranking of 10th largest aviation market.

About IATA

• The International Air Transport Association (IATA) is the global trade association for the world’s airlines representing about 290 airlines from 120 countries or 82% of total air traffic.
• It is prime vehicle for inter-airline cooperation in promoting safe, reliable, secure and economical air services.
• It advocates for the interests of airlines across the globe.
• It establishes standards and procedures to be followed by airlines for better travel experience.
• India’s airline operators that are members of IATA include Vistara, Air India and Jet Airways.