The passenger air transport industry comprises of the deals of passenger air transportation services & related products by entities (sole traders, organizations and partnerships) that use aircraft, for instance airplanes and helicopters to offer air transportation services for the passengers. It includes various services offered by scheduled & nonscheduled air carriers. Passenger air transport plays a vital role in the mobility of materials & passengers. It is the quickest methods of transportation. Air transport is liable for associating the global economy and providing various modern qualities of life possible & facilitates in the economic development of a country or industry.
As per study, “Passenger Air Transport Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global passenger air transport market include Delta Airlines; American Airlines; United Continental; Air France KLM and Deutsche Lufthansa.
By type, passenger air transport market is bifurcated as international air transport and domestic air transport. In addition, by class, market is bifurcated as economy class and business class.
The passenger air transport market is driven by increase in number of airports in both developed & developing economies, followed by rise in disposable income in emerging economies, modernization of air traffic management infrastructure and availability of most efficient technology & techniques in airlines industry. However, increase in prices of fuel and rise in cost & price competition may impact the market. Additionally, increase in advances in communication technology & application of satellite-based air traffic control and rise in public-private partnerships are key opportunities for market. Moreover, modern & highly security on airport and offering comfort & high-quality service are leading trends for market. In addition, Mobile technologies as well as applications are becoming a newest trend in the passenger air transportation industry. Passengers are using this technology to book their tickets along with manage their journey. Furthermore, trend ticket offering through online and offline channel and high risk of hijacking are major challenge for global market.
The use of analytics is rapid growing in the aviation industry for capturing the significant insights from clients and operations data. It allows airlines to provide the custom-made services to its clients by using data analytics tools at every client-touch point. Rising use of analytics in the aviation industry is primarily a result of increasing competition between the airlines. As a result, the commercial airline is seeking to increase the customer satisfaction levels by analyzing the parameters for instance ticket sales and passenger profile & purchase history.
Based on geography, the Asia-Pacific is a leading region in global passenger air transport market owing to increase in tourism in developing economies across the region. Global tourism is perhaps the leading movement of goods or products, services and inhabitants and it is a key force for economic growth & socio-political transition. The North-America and Europe regions are estimated to witness higher growth rate due to increase in trend ticket offering through online & offline channel over the forecast period. It is projected that global passenger air transport market will be reached at rapid pace as a result of modernization of air traffic management infrastructure during the forecast period.
For More Information, Click on the Link Below:-
Ankur Gupta, Head Marketing & Communications