Airline Market is Projected to Hit US$ 1723.91 Billion with 8.8% CAGR by 2034 | Fact.MR Report
Rockville, MD , Nov. 12, 2024 (GLOBE NEWSWIRE) -- According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, revenue from the global airline market is estimated to touch a value of US$ 810.1 billion in 2024. The market is analyzed to expand at a noteworthy CAGR of 8.8% over the next ten years.
Due to developments in aviation technology, airlines are saving significant amount of money, especially on the creation of fuel-efficient aircraft and enhanced air traffic control systems. These improvements are reducing fuel use and streamlining flight operations, enabling airlines to offer tickets at lower prices. Aside from this, improved technology facilitates the addition of new routes and raises the standard of travel by enabling more accurate scheduling and reduced delays. Because of this, airlines are able to attract more passengers, which is contributing to the growth of the aviation sector.
The North American region is leading the market due to its well-established aviation sector. This is because there is a strong demand for domestic travel as well as the tourism sector. Because of the growth of low-cost carriers and the development of airport infrastructure, the market in East Asia is expanding at a notable growth rate.
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Key Takeaways from Market Study
- The global market for airlines is projected to touch a size of US$ 1723.91 billion by the end of 2034.
- The market in the North American region is analyzed to generate revenue of US$ 200.14 billion in 2024.
- East Asia is forecasted to touch a valuation of US$ 333.22 billion by the end of 2034.
- The domestic passenger transportation segment is evaluated to expand at 8% CAGR through 2034.
- The market for airlines in South Korea is forecasted to expand at 9% CAGR between 2024 and 2034.
- By major markets, the economy class travelers segment is estimated to generate revenue worth US$ 619.39 billion in 2024.
“By using modern revenue management systems to adjust ticket prices in response to demand, booking patterns, and market conditions, prominent airlines are implementing dynamic pricing strategies,” says a Fact.MR analyst
Leading Players Driving Innovation in the Airline Market
Key players in the airline industry are American Airlines, Delta Air Lines, MN Airlines, Emirates, Lufthansa, Air France-KLM, British Airways, Qatar Airways, Singapore Airlines, Qantas, Turkish Airlines, Malaysia Airlines, IndiGo, Globe Air Cargo.
Prominence of Economy Class Travelers in Revenue Generation
The economy class travelers segment holds a significant market share due to the lower cost and greater accessibility of economy class tickets compared to business class, a high number of passengers including both business and leisure travelers on a tight budget continue to use these flights. The availability of low-cost carriers is also expanding, which is contributing to both the demand for and accessibility of air travel.
The policies around business travel are also evolving, as more companies encourage their employees to take economy flights to save money. Because of the increasing in-flight entertainment and seating, along with other improved services, economy class is becoming a more alluring option for travelers.
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Airline Industry News:
- Turkiye's flag carrier, Turkish Airlines (TK), plans to launch its Sydney (SYD) service in October 2024. The inaugural Istanbul (IST)-Kuala Lumpur (KUL)-Sydney flight is scheduled to depart one week early on November 28, 2024.
- Improved connectivity between Malaysia and India is the goal of a strategic partnership between IndiGo and Malaysia Airlines that was established in October 2024 through a new codeshare agreement. Through this partnership, airline operations in both regions will be reinforced and passenger horizons will be enlarged.
- Globe Air Cargo, a part of ECS Group, established a strategic partnership with Air Serbia, the national airline of Serbia, in October 2024 to enhance cargo operations across the United States.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the airline market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product and service (domestic passenger transportation, international passenger transportation, cargo transportation) and major market (economy class travelers, business and first class travelers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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