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Airlines Market Research 2024-2033: Outlook, Overview, and Competitor Analysis
Airlines Market Research
According to The Business Research Company's, The airlines market size has grown strongly in recent years. It will grow from $523.04 billion in 2023 to $566.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to deregulation of airline industry, globalization and open skies agreements, economic fluctuations, strategic alliances and mergers, shift in consumer preferences..
The airlines market size is expected to see strong growth in the next few years. It will grow to $794.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to recovery from global events, evolving travel regulations, sustainability focus, demand for premium services, regional market expansion.. Major trends in the forecast period include digital transformation, sustainability and eco-friendly practices, personalized customer experience, technological innovations, health and safety measures..
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Market Drivers and Trends:
An increase in the number of air passengers is expected to propel the growth of the airline market going forward. Air passenger refers to a person who is traveling in an aircraft. Air travel carries both passengers and freight throughout the globe, air travel can have a significant impact on a region's social and economic development as well as its sustainability. For instance, in March 2023, according to the Bureau of Transportation Statistics, a US-based government agency, the number of passengers carried by American airlines increased by 30%, from 658 million in 2021 to 853 million in 2022. Hence increase in the number of air passengers is driving the growth of the airline market.
Strategic partnerships are a key trend gaining popularity in the airline market. Many companies operating in the airline market are undergoing partnerships to strengthen their position in the airline market. In November 2023, Air India, an India-based airline company, partnered with Alaska Airlines to allow Air India passengers to have seamless connections to and from 32 destinations across the United States, Mexico, and Canada. Alaska Airlines is a US-based airline company that specializes in providing passenger and cargo air services. Further, in January 2023, Air France-KLM Group, a France-based airline company, partnered with Delta airlines, a US-based airline company and Virgin Atlantic, a UK-based airline company launched the world's leading partnership. With the new alliance, passengers would be able to book more flexible flight times and both parties will work towards making flying with any airline easy and reliable.
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Major Key Players of the Market:
Air France-KLM S.A.; American Airlines Group Inc.; Ana Holdings Inc.; British Airways PLC.; Delta Air Lines Inc.; Deutsche Lufthansa AG; Hainan Airlines Co. Ltd.; Japan Airlines Co. Ltd.; LATAM Airlines Group S.A.; Qantas Airways Limited; Ryanair Holdings Plc; Singapore Airlines; Southwest Airlines Co.; Thai Airways International PCL; United Airlines Holdings Inc.; WestJet Airlines Ltd.; Air Canada; Alaska Air Group; Allegiant Travel Company; Azul Linhas Aéreas Brasileiras S/A; Copa Holdings S.A.; Emirates Group; Finnair Oyj; Hawaiian Holdings Inc.; International Consolidated Airlines Group S.A.; JetBlue Airways Corporation; Korean Air Lines Co. Ltd.; Norwegian Air Shuttle ASA; Spirit Airlines Inc.; Turkish Airlines Inc.; Virgin Australia Holdings Limited; Volaris Aviation Holding Company; Wizz Air Holdings Plc; Xiamen Airlines Co. Ltd.
Airlines Market 2024 Key Insights:
• The airlines market will grow to $794.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Rising Air Passenger Numbers Propel Airline Market Growth
• Airlines Embrace Strategic Partnerships To Enhance Global Reach And Service
• Asia-Pacific was the largest region in the airline market in 2023
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