India will be the third largest aviation market globally a year sooner than was earlier predicted. It is now expected to be among the top three countries by 2024 from its current seventh position, according to global aviation body IATA.
In its latest 20-year forecast for the aviation industry, the International Air Transport Association (IATA) says that air passenger numbers worldwide could double to 8.2 billion in 2037.
Asian wave
The biggest contribution in this growth will come from the Asia-Pacific region, which will account for half the total number of new passengers over the next 20 years.
While China will climb up one spot to displace US as the world’s largest aviation market in the mid-2020s, India will take the third place by surpassing the U.K. around 2024, according to the IATA forecast.
By 2037, India is expected to add 414 million passengers to its existing 572 million passengers, the report added.
In fact, the Asia-Pacific region is expected to see the fastest growth at the rate of 4.8%, followed by Africa (4.6%) and west Asia (4.4%).
“Firstly, we are seeing a geographical reshuffling of world air traffic to the East. And secondly, we foresee a significant negative impact on the growth and benefits of aviation if tough and restrictive protectionist measures are implemented,” said Alexandre de Juniac, IATA’s Director General and CEO.
The other south-east Asian countries predicted to grow rapidly include Indonesia, likely to be the fourth largest by 2030 from its current ranking of 10th largest aviation market. Thailand, too, is expected to enter the top 10 markets in 2030.
