Latin American aviation industry is expected to see a CAGR of around 2.8% during the period (2019-2025). Economies such as Brazil, Argentina, and Venezuela are primarily in the aviation market of Latin America due to the well-developed passenger and cargo airline sector compared to other Latin American countries. Demand for air transport is closely tied to economic growth and is therefore expected to continue to increase in Latin America and the Caribbean. The suspension of passenger flights due to the COVID-19 outbreak has led to the loss of available cargo capacity in Latin America. This is especially critical across Latin America and the Caribbean where, in many cases, no alternative means of transport exists. The decline in the number of domestic and international flights for passenger and cargo transport further impacted the aviation industry in the region.
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Latin American aviation industry is segmented into passenger airlines, cargo airlines, aircraft manufacturing, airport management, and catering & other services. Based on the segmentation, the passenger airline segment is anticipated to get highly affected along with catering & other services. Passenger airline is the largest segment contributing to the aviation industry. A passenger airline is an airline dedicated to the transport of passengers. There are several types of passenger airlines including mainline airlines, regional airlines, low-cost carriers, business class airlines, charter airlines, flag carriers, and others. The cargo airline segment in Latin American is showing the highest CAGR of around 4.0% during the forecast period. Cargo airlines are the airfreight carriers mainly dedicated to transport cargo by air. It is a costlier means of transport however used to transport necessary and costlier goods all across the globe, at a very fast rate as compared to road, railway, and marine routes.
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Verticals Affected Most
· Cargo Airlines
· Passenger Airlines
· Aircraft Manufacturing
· Airport Management
· Catering & Other Services
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
