Geneva, October 25 (IEBusiness) With the rising population, International Air Transport Association (IATA) reports that China is about to surpass The United States as the largest aviation market in the world in the coming years according to its 20-year air passenger forecast.
Growing of the aviation market for China is defined as traffic to, from and within the country, IATA states that the rebalancing of China’s economy towards consumption of resources is a major issue and will support strong passenger demand over the long term, Xinhua reports.
The number of global passenger could double to 8.2 billion in coming 20 years in regard of the present situation of air transport which could support 100 million jobs globally in the future, said Alexandre de Juniac, IATA’s Director General and CEO, in a statement.
In order to increase the economic benefits driven by aviation and growth prospects for air transport, perfect steps are meant to be implemented by the government which will help in driving the biggest growth in the The Asia-Pacific region with more than half the total number of new passengers over the next 20 years coming from these markets, says IATA.
IATA estimates that by 2020, India will take 3rd place after the United States, surpassing Britain around 2024 because growth in this market is being driven by a combination of continued robust economic growth, improvements in household incomes and favorable population and demographic profiles.