Asia, South America Set To Become Fastest-Growing Air Travel Market - IATA

KUALA LUMPUR, Oct 17 (Bernama) -- Asia and South America will be the fastest growing air travel market in the next 20 years, reflecting economic and demographic growth in both regions, International Air Transport Association (IATA) said. Global air passengers are expected to reach 7.3 billion by 2034, a 4.1 per cent average annual growth and more than double the 3.3 billion passengers expected this year, IATA Director General and Chief Executive Officer Tony Tyler said. He said China was forecast to overtake the US as the world's largest air passenger market by 2030. Flights to, from and within China will account for some 1.3 billion passengers in 20 years’ time - 856 million more than this year - with an average annual growth rate of 5.5 per cent, he said in a statement. On the other hand, he said traffic to, from and within the US was expected to grow at an average annual growth rate of 3.2 per cent to reach 1.2 billion passengers by 2034, 559 million more than in 2014. Tyler said it was an exciting prospect to think that in the next 20 years more than twice as many passengers as today would fly. "Air connectivity on this scale will help transform economic opportunities for millions of people. "At present, aviation helps sustain 58 million jobs and US$2.4 trillion in economic activity. In 20 years' time we can expect aviation to be supporting around 105 million jobs and US$6 trillion in gross domestic product (GDP)," he said. --BERNAMA