Air travel sector to grow at a CAGR of 8% from 2021

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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.

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Ever since his first flight on a TriStar, Adam has loved air travel, and since becoming editor of the Aircraft Interiors International brand he has really enjoyed the opportunity to be involved with the latest aircraft and airline products before they are even launched. Adam co-ordinates the running of the magazine, from commissioning articles and artwork, to ensuring that high standards of quality are maintained, as well as managing online content. Adam is proud to sit on the jury of the Crystal Cabin Awards and to have laid on the bed in Etihad's Residence.

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