The Aviation industry has proven to be resilient over the last few decades. In fact, since 2000, the global aviation industry has grown by an astounding 240%, While the Indian industry has outpaced global growth and doubled in the last seven years. India is one of the fastest-growing aviation markets and is presently the third biggest market by size globally.
Events like 9/11/SARS and the most recent global financial crisis show us the industry’s ability to bounce back from the short-term setbacks and maintain its long-term upwards trajectory as indicated in the graph below.
Such setbacks lead to consolidation and leaner organizations. Indian aviation has already started showing signs of recovery. The Indian domestic market is expected to make a full recovery by summer next year.
So what can we expect in the future?
The world’s passenger and freighter aircraft fleet is set to more than double from today’s nearly 23,000 to almost 48,000 by 2038!
Global traffic is expected to double in the next 15 years
Due to COVID-19, airlines are replacing older aircraft earlier now.
Indian Civil Aviation is forecasting passenger traffic to increase by 6x times in the next 20 years in their report Vision 40.
The number of operational airports in India will double from approximately 100 to 200 by 2040.