India to become 3rd largest aviation market by 2026 : IATA
Posted on:20 Oct 2016 09:15:17
20 October 2016 Current Affairs: India will become the third largest aviation market in the world by displacing the UK in 2026, the International Air Transport Association (IATA) .
The 20-year forecast also says that China will displace the US as the world’s largest aviation market (defined by traffic to, from and within the country) around 2029.
India is currently the ninth largest aviation market in the world in terms of passengers.
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.
The aviation body also expects air passengers to double in 2035 to 7.2 billion from 3.8 billion air travelers in 2016.
The prediction is based on a 3.7% annual Compound Average Growth Rate (CAGR) noted in the release of the latest update to the association’s 20-Year Air Passenger Forecast .
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 .
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