IATA Report: India In Race To Become 3rd Largest Aviation Market By Year 2024

IATA Report: India In Race To Become 3rd Largest Aviation Market By The Year 2024: Details, Key Findings, Highlights

India is the race to become the top three aviation market by 2024 according to International Air Transport Association (IATA) in its 20- year air passenger forecast report.

At present, India is currently at the seventh position in the Global Aviation market.

Key Findings Of IATA Report

The number of air passengers around the world will double to 8.2 billion in 2037.

China will displace the US as the world’s largest aviation market in the mid- 2020. India will take the third place after the US around 2024 surpassing the UK.

By 2037, India is expected to add 414 million passengers to its existing 572 million passengers.

Home passenger traffic in India is growing at around 18.28 percent to reach 243 million in 2018-19 and will grow to 293 million in 2020.

When it comes to International traffic, it grew by 10.43 percent to reach 65 million in 2018 and will grow to 76 million in 2020.

The biggest growth in terms of air traffic will come from Asia- Pacific region with more than half the number of total new passengers in the next 20 years.

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%)

International Aviation Traffic Association (IATA)

IATA is the trade association for the world’s airlines established in the year 1945 and headquartered in Montreal, Canada.

IATA represents around 280 airlines or 82% of total air traffic. It helps to formulate aviation sector policy and standards. It also provides training services in many areas of aviation.