Passenger Air Transport Global Market Report 2024

The passenger air transport market size has grown strongly in recent years. It will grow from $862.29 billion in 2023 to $919.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historical period can be ascribed to the rising demand for air travel, an increased interest in tailored group tours, and the proliferation of airport expansion initiatives.

The passenger air transport market size is expected to see strong growth in the next few years. It will grow to $1173.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be linked to government backing, the surge in global tourism, the escalating urbanization trend, and the growing integration of analytics in the aviation industry, all of which are expected to propel market expansion. Key trends projected in the forecast period encompass the adoption of artificial intelligence, a strategic focus on cloud-based technology, ongoing technological advancements, increased utilization of biometric technology, a drive for product innovations, and an emphasis on collaborations and acquisitions.

The projected growth in the passenger air transport market during the forecast period is anticipated to be fueled by the increase in global tourism. Recognized as one of the largest movements involving goods, services, and individuals, global tourism stands out as a significant driver for economic growth and socio-political transformation. The United Nations World Tourism Organization (UNWTO) reported a record of 1.5 billion international tourist arrivals globally in 2019, with an anticipated 4% increase projected for 2020, expected to surpass US$ 23 million by 2023. Consequently, the surge in global tourism acts as a catalyst for the growth of the passenger air transport market.

The growth of the passenger air transport market is also expected to be propelled by the increasing number of passengers opting for air travel. Air passengers encompass individuals utilizing commercial airlines or private aircraft for various travel purposes. Essential for facilitating swift and efficient long-distance travel, passenger air transport plays a pivotal role in promoting global tourism and fostering connectivity among different regions and nations. Notably, statistics from the Bureau of Transportation Statistics revealed a 30% increase in the number of passengers carried by American airlines, rising from 658 million in 2021 to 853 million in 2022. Consequently, the upward trend in air travel is a key driver for the growth of the passenger air transport market.

Major players in the passenger air transport market are strategically focusing on introducing passenger airlines to gain a competitive advantage. A passenger airline, which provides air transportation services for individuals, serves as a crucial element for air passengers seeking travel options between different locations. For example, in April 2022, KF Cargo, a Canada-based air charter company, launched its own passenger airline named Aeroflyer. Targeting the leisure, tourism, and workforce transportation sectors, Aeroflyer offers charter travel services for both domestic and international routes, utilizing a fleet of B737NG aircraft, initially incorporating two B737-600s for charter flights domestically and abroad.

Major companies operating in the passenger air transport market report are American Airlines Group Inc., Delta Air Lines, Inc., United Airlines Holdings, Inc., Lufthansa Group, Air France–KLM, WestJet, TAL Aviation Group, Egyptair, LATAM Airlines, Air Transat, Sunwing, Allegiant Air, easyJet, Controladora Vuela Compania de Aviacion SAB de CV, South African Airways, China Airlines, The Emirates Group, Red Sea Airlines, Avianca Group International Limited, Emirates Airline, Ryanair DAC, Kenya Airways, United Nigeria Airlines Company Limited, Turkish Airlines, Qatar Airways Company Q.C.S.C., Japan Airlines Co Ltd., ABC Aerolineas SA de CV, El Al Israel Airlines Ltd., Air Canada, Linea Aerea Amaszonas, AirAsia, TAROM SA, Austrian Airlines AG, Jazz, Aerolineas Argentinas, Ikar Airlines LLC, Norwegian Air Shuttle ASA, Boliviana de Aviacion, Azul Linhas Aereas Brasileiras S/A, British Airways Ltd., Grupo Aeromexico SAB de CV, Oman Air, Riyadh Air, FB Lineas Aereas SA, Hawaiian Airlines, Southwest Airlines Company, Gol Linhas Aereas Inteligentes SA, Saudia, Red Wings Airlines, Etihad Airways, Singapore Airlines Ltd., Flydubai, Swiss International Air Lines AG, LOT Polish Airlines, Ethiopian Airlines, RwandAir Limited.

Asia-Pacific was the largest region in the passenger air services transport market in 2023. North America was the second largest region in the passenger air transport services market. The regions covered in the passenger air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the passenger air transport market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The passenger air transport services market includes revenues earned by entities that transport passengers from one location to another in a short period of time while also improving security. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The primary categories within the passenger air transport market are domestic air passengers and international air passengers. Domestic air passenger services cater to passengers traveling within the same country via air transport. The market segmentation is further distinguished by class, with options such as business class and economy class, and by end-use, encompassing both private and commercial passenger services.

The passenger air transport market research report is one of a series of new reports that provides passenger air transport market statistics, including global market size, regional shares, competitors with a passenger air transports market share, detailed passenger air transport services market segments, market trends and opportunities, and any further data you may need to thrive in the passenger air transport industry. This passenger air transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.