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

Adam GavineBy Adam GavineJune 24, 20201 Min Read
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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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Adam loves air travel, and since taking on 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 growth of the brand platform, and sits on various panels, including the Crystal Cabin Awards

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