Emerging economy leaders or BRIC (Brazil, Russia, India, China) nations is forecast to lead the civil aviation market in the next ten years. According to a study by Oxford Economics and commissioned by Amadeus, states that Asia would become the growth leader in outbound travel expenditure overtaking Europe by 2023. APAC outbound travel is expected to reach $752.8 billion or account for 40-55 per cent of the global total, the study has revealed. Indian domestic air traffic grew 4 per cent in 2013 reiterating the potential for growth in one of the largest markets in the world for civil aviation. Adding to this, China is expected to overtake the US within the next decade and become the biggest domestic market by 2017 mostly due to growing GDP, rising employment and higher consumer spending, it was reported. According to the International Air Transport Association (IATA) Indian domestic air traffic witnessed a de-growth of 2.1 per cent in 2012. Indian air carriers saw a total of 60,115,100 passengers in all scheduled domestic carriers here compared to 57,785,210 passengers in all operators in 2013 according to aviation regulator, Directorate General of Civil Aviation (DGCA). India was close to the 5.2 per cent increase seen globally in passenger demand compared to 2012. “We saw healthy demand growth in 2013 despite the very difficult economic environment. There was a clear improvement trend over the course of the year which bodes well for 2014,” Mr Tony Tyler, IATA’s Director General and CEO reportedly had said in a recent statement. BRIC nations as well as countries like Turkey and Indonesia are expected to see around 5 per cent growth in the next decade when compared to a global average of around 3 per cent, it was reported. “Air travel growth will be led by emerging economies such as India, Indonesia and Russia, as non-OECD (Organisation for Economic Co-operation and Development) air travel is set to overtake that of OECD members for the first time, to become largest source of global air traffic by 2023,” agencies quoted from the study.
Source: http://www.newindianexpress.com
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