Market Intelligence: Asia Pacific

Willie Walsh, Director General of IATA, expressed satisfaction during the 2024 Changi Aviation Summit in Singapore, stating that the industry’s progress and recovery remained robust throughout 2023.

Walsh said the following in his speech:

• In 2023, the industry reached just over 94% of its 2019 levels, with strong performance in domestic markets but lagging international markets.
• The Asia-Pacific region performed slightly less than the global average, at 86% of 2019 levels, with domestic markets ahead but international travel lagging.
• Over the next 20 years, the industry is estimated to grow at 3.3% annually, reflecting challenges such as infrastructure constraints, supply chain issues, labor shortages, and the transition to net zero emissions by 2050.
• The Asia-Pacific region is expected to lead with a growth rate of around 4.5% per year.
• Walsh compared the industry’s state in 1990 and 2019, noting significant shifts in market shares among regions, with Asia-Pacific experiencing substantial growth.
• Chinese and Indian domestic markets have seen significant growth since 1990, highlighting future opportunities in these regions.
• Walsh emphasized the need for change to unlock growth opportunities in Africa, where aviation remains underdeveloped.
• The top 20 international route groups account for 95% of all international travel, with significant shifts observed before and after the pandemic, particularly in the Asia-Pacific region.

Source: IATA

Photo Credit: IATA