India to be 3rd largest aviation market by 2026: IATA
India will become the third largest aviation market in the world displacing the UK by 2026, the International Air Transport Association (IATA) has said in its latest passenger forecast.business Updated: Oct 19, 2016 15:36 IST
India will become the third largest aviation market in the world displacing the UK by 2026, the International Air Transport Association (IATA) has said in its latest passenger forecast. An aviation market is defined by traffic to, from and within the country.
At present, India is the ninth largest aviation market in the world.
The Asia-Pacific region, IATA said, will be the biggest driver of passenger growth. “It is expected to be the source of more than half the new passengers over the next 20 years. China will displace the US as the world’s largest aviation market around 2029. India will displace the UK for third place in 2026, while Indonesia enters the top ten at the expense of Italy,” IATA, which represents some 265 airlines comprising 83% of global air traffic, said.
India’s passenger traffic will touch 442 million by 2035, IATA said.
“Growth will also increasingly be driven within developing markets. Over the past decade the developing world’s share of total passenger traffic has risen from 24% to nearly 40%, and this trend is set to continue,” it said.
IATA expects passenger traffic to nearly double to 7.2 billion in 2035 from 3.8 billion air travellers in 2016.
“People want to fly. Demand for air travel over the next two decades is set to double. Enabling people and nations to trade, explore, and share the benefits of innovation and economic prosperity makes our world a better place,” said Alexandre de Juniac, IATA’s Director General and CEO.
“Runways, terminals, security and baggage systems, air traffic control, and a whole raft of other elements need to be expanded to be ready for the growing number of flyers. It cannot be done by the industry alone. Planning for change requires governments, communities and the industry working together in partnership,” said de Juniac.