The Asia-Pacific aviation industry will see a growth rate of 3.7% during the forecast period. The Asia-Pacific aviation market was growing significantly before the COVID-19 pandemic owing to the cost reduction in oil barrels, growing new entrants, and increasing air passengers in major economies in the region including China, India, and ASEAN countries. The Asia-Pacific aviation industry has been severely hit by the COVID-19 pandemic. South Korea, Japan, India, China, and other ASEAN economies had imposed travel restrictions and also canceled visas on arrival to contain the COVID-19 pandemic. Moreover, the growth of the region’s aviation industry was also owing to the significant cost reduction in oil barrels and the boost from new market entrants. Additionally, as per the International Air Transport Association (IATA), by 2035 the aviation industry was expected to provide jobs to over 70 million people with a contribution of $1.3 trillion to the region’s GDP.
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The latest estimates from the IATA indicates further negative sentiments for the aviation industries in the Asia-Pacific region. In April 2020, IATA reported that the airlines in Asia-Pacific will see a fall of around 50.0% in passenger demand in 2020 compared to 2019. Further, the ongoing trade war between the US and China is negatively affecting air cargo demand for Asian airlines. According to the IATA, Asian airlines are major players in the air cargo industry and carry almost 40.0% of the global volume. The trade war is “rippling out” beyond China and the US and is disrupting the supply chains in other countries of the Asia-Pacific region. However, the recent outbreak of COVID -19 had severely hit the Asia-Pacific’s aviation industry growth. After the exponential growth in the COVID-19 cases in China, an immediate and complete ban was imposed on all the domestic and international flights to avoid any further spread of infection. Moreover, as the pandemic continues to spread in other countries of the region such as South Korea, Japan, and India, the countries have started to impose travel restrictions. In addition to this, the visa on arrival was also canceled by various countries of Asia-Pacific.
Market Coverage
|
Report Elements |
Details |
|
Study Period |
2018-2025 |
|
Base year |
2018 |
|
Forecast period |
2019-2025 |
|
Segments Covered |
By Type |
|
Countries Covered |
China, India, Japan, and Rest of Asia-Pacific |
|
Key Companies Profiled |
Air China Ltd., China
Eastern Airlines Corp. Ltd., AirAsia Berhad, Japan Airlines Co., Ltd., Malaysia
Airlines Berhad, Qantas Airways Ltd., and Singapore Airlines |
Key questions addressed by the report
o Recovery Timeline
o Deviation from pre-COVID-19
o Most affected region/segment
o Recommendations
Asia-Pacific Aviation Market – Segmentation
By Type
Asia-Pacific Aviation Market – Segmentation by Geography
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