Passenger Air Transport Market Growth Trajectory Through 2024-2033

The Passenger Air Transport by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passenger Air Transport, The passenger air transport market size has grown strongly in recent years. It will grow from $862.29 billion in 2023 to $919.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to the increased demand for air travel, the increased demand for customized tours for groups of travelers and the growing number of airport expansion projects..

The passenger air transport market size is expected to see strong growth in the next few years. It will grow to $1173.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to government support, the increase in global tourism, the rising urbanization and the rising use of analytics in the aviation industry will drive the market growth.. Major trends in the forecast period include use of artificial intelligence, focus on cloud-based technology, technology advancement, use of biometric technology, product innovations and collaborations and acquisitions..

The increase in global tourism is expected to fuel the growth of the passenger air transport market in the forecast period. Global tourism is probably the largest movement of goods, services, and people, and it is a major force for economic growth and socio-political transition. According to the United Nations World Tourism Organization (UNWTO), 1.5 billion international tourist arrivals were recorded in 2019, globally. A 4% increase on the previous year is also forecast for 2020 and is expected to cross US$ 23 million by 2023. Therefore, the increase in global tourism drives the growth of the passenger air transport market.

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The passenger air transport market covered in this report is segmented –

1) By Type: Domestic Air Passengers, International Air Passengers
2) By Class: Business Class, Economy Class, First Class
3) By End-Use: Private, Commercial

Major companies operating in the passenger air transport market are increasing their focus on introducing passenger airlines to gain a competitive edge in the market. A passenger airline is a company or organization that provides air transportation services for individuals, allowing passengers to travel by air from one location to another. For instance, in April 2022, KF Cargo, a Canada-based air charter company, introduced Aeroflyer, its own passenger airline. Aeroflyer focuses on serving the leisure, tourism, and workforce transportation markets, delivering charter travel services for both domestic and international routes. The airline employs a fleet of B737NG aircraft, initially utilizing two B737-600s for charter flights within the country and overseas.

The passenger air transport market report table of contents includes:

1. Executive Summary
2. Passenger Air TransportMarket Characteristics
3.Passenger Air Transport Market Trends And Strategies
4.Passenger Air Transport Market analysis
5.Passenger Air Transport Market Size And Growth
6.Passenger Air Transport Segmentation
7.Passenger Air Transport Regional And Country Analysis
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27.Passenger Air Transport Competitive Landscape And Company Profiles
28.Passenger Air Transport Key Mergers And Acquisitions
29.Passenger Air Transport Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• American Airlines Group Inc.
• Delta Air Lines, Inc.
• United Airlines Holdings, Inc.
• Lufthansa Group
• Air France–KLM

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