Air transport is the developing business sector with prompt increasing rates in transport loads & fuel demand. Air transport industry mainly includes domestic air carriers that focus on the passenger service. This industry has become the main means of common-carrier traveling. Maximum efficiency or value are obtained when huge distances are traveled, immediate needs must be met, high-value payloads are moved, or surface terrain prevents easy movement or considerably raises the transport costs. Although both time and cost efficiencies got decline as the distance traveled is reduced, air transport is frequently worthwhile even for relatively the short distances. The air-transportation provides a communication link, which is sometimes essential, between different groups of people being served. Passenger air transportation industry is categorized as domestic air transport and international air transport.
Some of the key advantages of air transport include comfortable & quick services, high speed, no physical barriers, no investment in construction of track, emergency services, easy access, Suitable to carry Light Goods of High Value, quick clearance, space exploration and national defense etc. Additionally, few of the disadvantages include small carrying capacity, very costly, breakdowns & accidents, uncertain & unreliable, unsuitable for cheap & bulky goods, large investments and legal restrictions.
As per study, “Passenger Air Transport Global Market Report 2020-30: Covid 19 Impact and Recovery” some of the leading companies that are presently operating in the global passenger air transport market include United Continental, Air France KLM, American Airlines, Deutsche Lufthansa, Delta Airlines and among others. Leading companies included in this industry ranges from small domestic carriers to major international airlines. Large traditional carriers function through a hub and spoke system, whereby numerous flights originate at one major airport and are discrete throughout the United States. In addition, small players often exploit a point-to-point system, particularly those serving leisure destinations involving small airports.
Rise in availability of most efficient technology & techniques in airlines industry, increase in number of airports in both developed and developing economies, modernization of air traffic management infrastructure and rise in disposable income in emerging economies are few of the major driven factors for global passenger air transport market. Apart from this, increase in cost & price competition and rise in price of fuel are hindering factors for market. Additionally, rise in public-private partnerships is a leading opportunity for market. Moreover, increase in focus on novelty and convenience in the aviation industry is a major trend for market. Furthermore, environmental compatibility and requirement to ensure air transportation system safety are major challenge for global market.
By regional analysis, the Asian-Pacific region holds major share in global passenger air transport market due to increase in tourism sectors in developing nations and growth in adoption of automation techniques in the region. The European and North-American regions are anticipated to exhibit substantial growth rate owing to modernization of air traffic management infrastructure over the forecast period. It is expected that future of the global passenger air transport market will be optimistic on account of increase in trend ticket offering through online & offline channel during the forecast period.
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Ankur Gupta, Head Marketing & Communications