India is expected to be on third position, just behind China and US, among the fastest-growing markets in terms of annual additional air passengers in 2036, according to an International Air Transport Association (IATA) report.
The report correlates the increase in the number of passengers with the market growth of the countries in the aviation market. Accordingly, it says that the shift of the market positions is due to the rising demand and predicts India to have 337 million new passengers totalling to 478 million by 2036.
The report says that the highest demand for air travel is seen coming from the Asia-Pacific region which will result in India climbing up to the third position, Indonesia to the fourth and China to the first.
IATA, which keeps a check on the global standards in aviation sector, said that India will surpass the UK in 2025 and China will succeed the US by 2022.
The report points out that the developing economies are catching up and succeeding developed economies. It also shows that Turkey is the fifth fastest-growing market in terms of the addition of passengers. The country is likely to accommodate 119 million new passengers which will total to 196 million in 2036.
However, the growth will be witnessed only if the risks identified are taken care of. The report says, “Maximizing the potential benefits of aviation growth will depend on current levels of trade liberalisation and visa facilitation being maintained.”
This means that if there are travel restrictions and trade protectionism are ordered by an economy, then growth, in terms of passenger capacity, can drop to 2.7 percent — which is “1.1 billion fewer passengers journeys annually in 2036”.
The report advises the countries to direct more liberalisation norms where the growth can be boosted by two percentage points faster which will help increase the passengers capacity three times in the next 20 years.