The global aviation market is going through its one the worst phase in its history. Due to the COVID-19 pandemic, the lockdown has been introduced and people are advised to remain in homes. Due to this, the demand in the aviation market plummeted and airlines have to ground their aircraft for the indefinite period. Due to this, a number of airlines are on the verge of getting bankrupt.
As per the International Air Transport Association (IATA), of February 2020, the China aviation industry has to face a loss of around $29.3 billion in revenue due to pandemic and the global aviation market is expected to witness a loss of $63 billion. However, the loss had increased to around $113 billion as per March 2020 estimations, after as the pandemic has spread to more than 200 countries.
A full report of Aviation Market is available at: https://www.omrglobal.com/industry-reports/aviation-market
In order to save the aviation sector of the country, the governments are providing relief packages to their domestic aviation companies. For instance, the Civil Aviation Administration of China (CAAC) is planning to provide subsidies to airlines and also planning to give additional funding for international flights. Take and landing chargers have been reduced and government investment on airport infrastructure spending will be increased by around $14.25 billion in 2020. Similarly, in the US the aviation sector will get around $58 billion as financial assistance under the Senate rescue package. Around $25 billion loan and loan guarantees will be provided to passenger airlines, and around $14 billion to cargo airlines. Besides, around $25 billion will be provided to pay the employees in the aviation industry and $4 billion to cargo airlines.
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/aviation-market
Once the spread of disease brings to a halt, the industry is expected to witness similar revenue as predicted earlier as people will again adopt for international travel to complete their assignments. New safety norms such as social distance, more frequent sanitization of airports, and aircraft will be introduced all across the globe. As the market of aviation is going down in 2020, an exponential growth rate is expected to be witnessed for the next couple of years in the aviation market. Tough, a downfall in international tourism can be expected for a couple of years which will significantly affect the international flight segment. Comparatively, a surge in domestic tourism can be expected in the near future.
After the end of the pandemic, the emerging markets including China, India, Indonesia, and Vietnam will mark a momentous growth in the aviation industry. As per IATA, it is expected that China will replace the US as the largest aviation market by 2024. Moreover, India is projected to take over the UK for third place in 2025, whereas Indonesia and Japan will be ranked 5th and 7th aviation market respectively. Some of the major players in the global aviation market include Air China Ltd., Air France–KLM S.A, American Airlines Group Inc., British Airways plc, China Eastern Airlines Corp. Ltd., China Southern Airlines Co., Ltd., Delta Air Lines, Inc., Deutsche Lufthansa AG, Japan Airlines Co., Ltd., Qatar Airways Group, The Emirates Group, and United Airlines, Inc.
Global Aviation Market- Segmentation
By Flight Type
- International Flights
- Domestic Flights
By Travel Class
- First Class
- Business Class
- Economy Class
This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.
