Passenger Air Transport Global Market Analysis, Trends, Growth, Research And Forecast 2033

The passenger air transport market size has grown strongly in recent years. It will grow from $862.29 billion in 2023 to $919.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to the increased demand for air travel, the increased demand for customized tours for groups of travelers and the growing number of airport expansion projects..

The passenger air transport market size is expected to see strong growth in the next few years. It will grow to $1173.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to government support, the increase in global tourism, the rising urbanization and the rising use of analytics in the aviation industry will drive the market growth.. Major trends in the forecast period include use of artificial intelligence, focus on cloud-based technology, technology advancement, use of biometric technology, product innovations and collaborations and acquisitions..

Market Overview -
Passenger air transport service refers to a mode of transportation for people that uses aircraft, such as planes and helicopters, to provide air transportation services for passengers, including scheduled and non-scheduled air carriers, to facilitate fast travel with improved security and to be used in emergency operations.

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Global Tourism To Fuel Passenger Air Transport Market Growth
The increase in global tourism is expected to fuel the growth of the passenger air transport market in the forecast period. Global tourism is probably the largest movement of goods, services, and people, and it is a major force for economic growth and socio-political transition. According to the United Nations World Tourism Organization (UNWTO), 1.5 billion international tourist arrivals were recorded in 2019, globally. A 4% increase on the previous year is also forecast for 2020 and is expected to cross US$ 23 million by 2023. Therefore, the increase in global tourism drives the growth of the passenger air transport market.

Competitive Landscape -
Major companies operating in the passenger air transport market report are American Airlines Group Inc., Delta Air Lines, Inc., United Airlines Holdings, Inc., Lufthansa Group, Air France-KLM, WestJet, TAL Aviation Group, Egyptair, LATAM Airlines, Air Transat, Sunwing, Allegiant Air, easyJet, Controladora Vuela Compania de Aviacion SAB de CV, South African Airways, China Airlines, The Emirates Group, Red Sea Airlines, Avianca Group International Limited, Emirates Airline, Ryanair DAC, Kenya Airways, United Nigeria Airlines Company Limited, Turkish Airlines, Qatar Airways Company Q.C.S.C., Japan Airlines Co Ltd, ABC Aerolineas SA de CV, El Al Israel Airlines Ltd, Air Canada, Linea Aerea Amaszonas, AirAsia, TAROM SA, Austrian Airlines AG, Jazz, Aerolineas Argentinas, Ikar Airlines LLC, Norwegian Air Shuttle ASA, Boliviana de Aviacion, Azul Linhas Aereas Brasileiras S/A, British Airways Ltd, Grupo Aeromexico SAB de CV, Oman Air, Riyadh Air, FB Lineas Aereas SA, Hawaiian Airlines, Southwest Airlines Company, Gol Linhas Aereas Inteligentes SA, Saudia, Red Wings Airlines, Etihad Airways, Singapore Airlines Ltd., Flydubai, Swiss International Air Lines AG, LOT Polish Airlines, Ethiopian Airlines, RwandAir Limited

Passenger Air Transport Market Sees Growing Focus On New Airlines
Major companies operating in the passenger air transport market are increasing their focus on introducing passenger airlines to gain a competitive edge in the market. A passenger airline is a company or organization that provides air transportation services for individuals, allowing passengers to travel by air from one location to another. For instance, in April 2022, KF Cargo, a Canada-based air charter company, introduced Aeroflyer, its own passenger airline. Aeroflyer focuses on serving the leisure, tourism, and workforce transportation markets, delivering charter travel services for both domestic and international routes. The airline employs a fleet of B737NG aircraft, initially utilizing two B737-600s for charter flights within the country and overseas.

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Key Segments -

The passenger air transport market covered in this report is segmented -

1) By Type: Domestic Air Passengers, International Air Passengers
2) By Class: Business Class, Economy Class, First Class
3) By End-Use: Private, Commercial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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