According to National Geographic, less than 20% of the world’s current population has never stepped aboard an airplane. However, thanks to emerging markets, this statistic is expected to decline considerably overthe next two decades.
Countries across the world are now entering the flourishing aviation sector, as air travel is expected to soar in Asia significantly. Find out how emerging markets are driving air travel growth.
The Comac C919 Aircraft
A historic moment in aviation occurred on 5thMay 2017, and you might not have even heard about it! It was on this day that China’s first large commercial aircraft, the Comac C919, took to the skies and safely circled for an hour with five crew members aboard the 168-seat jet. The public test ultimately signalledthe rise of the Asian aviation industry.
Air Travel Expected to Double in 20 Years
According to the International Air Transport Association (IATA), there were 3.8 billion air travellersin 2016 alone. However, they have projected the number will more than double to 7.2 billion passengers by 2035.
It is also their belief that a considerable amount of this air traffic will come via the Asia-Pacific region, such as Asia, New Zealand, and Australia. If their estimates are correct, China will overtake the United States as the biggest aviation market in the world by 2024, while India is expected to replace the United Kingdom from third place by 2025.
The Turkish Aviation Sector
It is not only China that is experiencing an exciting change in its aviation history. ATG Airports stated the Turkish aviation sector has reportedly enjoyed a growth of more than 11% within the past 12 months, which has exceeded their 2015 record. Most passengers are also travellingfrom European countries into Antalya Airport to explore the country’s many beautiful resorts.
An Increase in Boeing Projects
Boeing, a US airplane manufacturer, has also announced in its two-decade forecast that they plan to produce an incredible 39,620 planeswithin the next 20 years to cater to worldwide demand. The aviation manufacturing company has also stated that 15,000 of the aircraftwill be developedfor the Asian market.
Higher Living Standards
Another driver of air travel growth is believed to be the high income and living standards for many emerging economies. The new prosperity is increasing business and leisure air traveldemand. Globalisationis also thought to be responsible, as many more people are taking long-haul flights to do business in nations that have a more appealing political and social environment.
The Introduction of New Routes, Airports & More
If the IATA is right, air travel could potentially double over the next two decades due to the emerging markets. Consequently, the additional flights available will lead to the generation of not only manyroutes, but the development of hundreds of airports, and thousands of aircraftand pilots. However, more flights equal more greenhouse gases, which is why the industry is attempting to curb its emissions and boost its fuel efficiency.
*This is a guest post