With great market potential and the consumption upgrade trend, China is driving development of international aviation in the Asia-Pacific and the country is expected to maintain its steady growth in the next two decades, surpassing the U.S. to occupy the top spot in the global aviation industry, according to a report by the International Air Transport Association.
More than half of new passengers are expected to come from the Asia-Pacific, the report pointed out, thanks to stable economic growth and rising household income. Among all the nations in this region, China will become the country with fastest growing aviation market in the next 20 years, due to its prospective 1 billion new passengers and 1.6 billion total passenger traffic. Driven by China’s expected annual 5 percent growth, the Asia-Pacific will become an important impetus for international aviation industry.
China is the most dynamic aviation market in the world, with a prosperous economy and a growing middle-income group, and there is strong potential for the global aviation industry in Asia, according to Alexandre de Juniac, director general and CEO of IATA.
The rapid development of China’s aviation industry is a result of the country’s reform and opening-up, as well as its active participation in the international market, according to Brian Pearce, IATA’s chief economist, who added that China has injected new vitality into the world aviation industry.
The report also predicted that the net profit of the global air transportation industry will reach $35.5 billion, with an expected 4.59 billion passengers and 65.9 million tons of cargo volume.
With the continuous development of air transportation, the global aviation industry will bring 100 million jobs in the next two decades. In 2037, the current level of global air passenger traffic will double, reaching 8.2 billion passengers, and the compound annual growth rate of passenger demand will reach 3.5%, according to the report.
