LONDON, June 06, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Airlines Global Market Report 2023, the market will grow from $483.3 billion in 2022 to $520.2 billion in 2023, at a compound annual growth rate (CAGR) of more than 7%. Further, the market will reach $708.4 billion by 2027, with a CAGR of 8%.The Asia-Pacific region held the largest airlines market share in 2022.
One of the primary drivers of the airline industry’s growth is the expected rise in air passengers. Air travel encompasses both passengers and freight transportation, and it significantly contributes to a region's socio-economic development and sustainability. The International Air Transport Association (IATA), a Canadian trade association of airlines worldwide, estimates that the number of passengers will reach 4 billion by 2024. Additionally, the total number of travelers in 2021 witnessed a 47% increase compared to 2019, indicating the substantial growth potential for the airline market.
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Major airlines companies are Air France-KLM S.A., American Airlines Group Inc., Ana Holdings Inc., British Airways PLC., Delta Air Lines Inc., Deutsche Lufthansa AG, Hainan Airlines Co. Ltd., Japan Airlines Co. Ltd., United Airlines Holdings Inc., and WestJet Airlines Ltd.
A key trend observed in the airline market is the growing popularity of strategic partnerships among industry players. Many companies operating in the airline sector are forging partnerships to enhance their market position.
For example, in May 2020, Civil Air Patrol, a US-based volunteer group focused on aviation, collaborated with Textron Aviation Inc., a US-based airline business unit, aiming to become the largest Cessna piston operator globally. Additionally, in January 2023, Air France-KLM Group, Delta Airlines, and Virgin Atlantic formed an alliance, striving to establish the world's leading partnership. This collaboration enables passengers to book flights with greater flexibility while ensuring seamless and reliable travel experiences across multiple airlines.
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The global airlines market is segmented as-
1) By Type Of Transport: Domestic, International
2) By Size: Narrow Body, Wide Body, Regional And Business Jet, Freighter
3) By Application: Passenger, Freight
The global airlines market report provides an in-depth analysis of the market, highlighting its projected growth, key factors driving the industry, major players in the airlines market and the emerging trend of strategic partnerships, showcasing real-life examples of companies collaborating to strengthen their market position. It offers a clear understanding of the market dynamics, growth opportunities, and potential risks. By analyzing the trends, challenges, and strategic developments, this report enables informed decision-making and aids in formulating effective strategies to navigate the evolving landscape of the airline industry.
Airlines Global Market Report 2023 by The Business Research Company provides insights on the airlines market size, airlines market segments, airlines market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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