According to the International Air Transport Association (IATA), India is playing an important role in the growth of air traffic in the Asia-Pacific region. The number of air passengers in this region is estimated to reach 4.1 billion by 2044. The International Air Transport Association (IATA) represents more than 370 airlines, which carry approximately 85 percent of the world’s air traffic. According to IATA, the number of air passengers in Asia-Pacific is expected to increase from 1.7 billion in 2024 to 4.1 billion by 2044, that is, there will be 2.4 billion additional passengers.
India is playing an important role
At a briefing in a Brazilian city, Sheldon Hee, the group’s regional vice president for Asia-Pacific, said on Saturday that India has been playing an important role in the growth story of Asia-Pacific for the last several years. India is one of the fastest growing domestic civil aviation markets in the world. He said that growth in Asia-Pacific has been strong in the last 5-10 years and will remain strong for the next decade or more. He counted infrastructure, taxes, excessive regulation and sustainable growth as challenges for this sector.
Airport capex will be tremendous
According to IATA, airport capital expenditure is projected to exceed US$2.4 trillion by 2040, and more than half of this amount is expected to be spent on addressing capacity constraints and congestion in Asia-Pacific. Sheldon Hee said that over the next 20 years, many airports in Asia-Pacific will increase their capacity to more than 100 mppa (million passengers per year), including Changi (140 mppa) and Delhi (150 mppa). He also said that air transport in Asia-Pacific contributes about 2.5 percent to GDP and 2.2 percent to employment.
Aviation sector is becoming a growth engine
According to an estimate, every US$1 of value added in aviation generates US$3.70 of value in other sectors. The 82nd IATA Annual General Meeting and World Air Transport Summit (WATS) is being held in this city from 6-8 June. About 1,500 industry leaders, government officials and media are expected to attend this summit. The last IATA AGM in South America was held in Rio de Janeiro in 1999.
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