What’s Behind the Growth in Air Travel?
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Worldwide air travel is glowing by leaps and bounds. In fact, according to a report in Forbes from the Trefis Team, it is likely to double over the next two decades.
What is driving this exponential growth? Low air fares, higher living standards, and an expected recovery in the world gross domestic production are behind the boom, says Forbes.
According to the report, a lot of the growth is centered around emerging economies.
“While most of the growth in air traffic is estimated to come from the emerging economies of India, China, and Brazil (5 percent to 7 percent), the U.S. will remain the second highest contributor to incremental air traffic in absolute numbers,” according to the report.
The U.S. will continue to have a large impact says the report.
“U.S. air traffic growth, at an estimated 3%, is the highest as compared to its peers among the developed nations. The growth in the U.S. air traffic is primarily supported by cheap air tickets and higher living standards due to the expected recovery of the U.S. economy going forward,” says Forbes.
Some of the drivers of this growth are higher living standards.
“Rising GDP, and consequently, disposable income and living standards, result in an increased demand for air travel for both business and leisure purposes,” says the report.
[READMORE]READ MORE: Why Air Travel Is Safer Than Ever
For more on the growth of air travel, read the full report here.
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