India is set to climb a few rungs along the ladder of aviation market. It will make a big progress by jumping six places to become the world’s third-largest aviation market in 2031, overtaking the United Kingdom, the IATA has said. As per the survey results, India will figure among the five fastest-growing markets, the International Air Transport Association said.
China is expected to become the world’s top market, with the United States dropping to second place. “Currently the ninth-largest market, India will see a total of 367 million passengers by 2034, an extra 266 million annual passengers compared to today. It will overtake the United Kingdom (148 million extra passengers, total market 337 million) to become the third largest market around 2031,” the international group said in a report. By 2034, the five fastest-increasing markets in terms of additional passengers per year will be China, the U.S., India, Indonesia and Brazil.
In 20 years’ time, aviation market alone would employ over 105 million Indians and churn a total of USD $6 trillion in GDP. The report, the first from the new IATA Passenger Forecasting service, analyzes passenger flows across 4,000 country pairs for the next 20 years, forecasting passenger numbers by way of three key demand drivers: living standards, population and demographics, and price and availability.