Market intelligence firm, ResearchAndMarkets.com, has released a report that covers market characteristics, size and growth, trends and strategies for the Covid-19 air travel sector. Titled ‘Passenger Air Transport Industry 2020-2030 – COVID-19 Impact and Recovery Assessment‘ the report has an optimistic tone.
The report finds that the global passenger air transport market is expected to decline from US$641.8 billion in 2019 to $628.8 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline is mainly due to economic slowdown across countries owing to the Covid-19 outbreak and the measures implemented to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach US$765.1 billion in 2023, according to the report.
ResearchAndMarket found that Asia-Pacific is the largest region in the global passenger air transport market, accounting for 30% of the market in 2019. North America was the second largest region, accounting for 30% of the global passenger air transport market. Africa was the smallest region in the global passenger air transport market.