GK: INDIA WILL BE THE THIRD LARGEST AVIATION MARKET
In its latest 20-year forecast for the aviation industry, the International Air Transport Association (IATA) says that 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.
Highlights of the report:
- Air passenger numbers worldwide could double to 2 billion in 2037. 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.
- By 2037, India is expected to add 414 million passengers to its existing 572 million passengers.
- 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%).
- 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.
What is it? The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing some 280 airlines or 83% of total air traffic. Formed in April 1945, it is the successor to the International Air Traffic Association, which was formed in 1919.
What it does? IATA supports airline activity and helps formulate industry policy and standards. It also provides consulting and training services in many areas crucial to aviation.
Headquarters: It is headquartered in Montreal, Quebec, Canada with Executive Offices in Geneva, Switzerland.