Asia-Pacific Aviation Market Size, Industry Trends, Share and Forecast 2019-2025
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. A full Report...