The Asia-Pacific aviation industry will see a growth rate of 3.7% during the forecast period. The Asia-Pacific aviation market was growing significantly before the COVID-19 pandemic owing to the cost reduction in oil barrels, growing new entrants, and increasing air passengers in major economies in the region including China, India, and ASEAN countries. The Asia-Pacific aviation industry has been severely hit by the COVID-19 pandemic. South Korea, Japan, India, China, and other ASEAN economies had imposed travel restrictions and also canceled visas on arrival to contain the COVID-19 pandemic. Moreover, the growth of the region’s aviation industry was also owing to the significant cost reduction in oil barrels and the boost from new market entrants. Additionally, as per the International Air Transport Association (IATA), by 2035 the aviation industry was expected to provide jobs to over 70 million people with a contribution of $1.3 trillion to the region’s GDP.
A full Report of Middle East Fast Food and Quick Service Restaurants Market is Available at: https://www.omrglobal.com/industry-reports/asia-pacific-aviation-market
The latest estimates from the IATA indicates further negative sentiments for the aviation industries in the Asia-Pacific region. In April 2020, IATA reported that the airlines in Asia-Pacific will see a fall of around 50.0% in passenger demand in 2020 compared to 2019. Further, the ongoing trade war between the US and China is negatively affecting air cargo demand for Asian airlines. According to the IATA, Asian airlines are major players in the air cargo industry and carry almost 40.0% of the global volume. The trade war is “rippling out” beyond China and the US and is disrupting the supply chains in other countries of the Asia-Pacific region. However, the recent outbreak of COVID -19 had severely hit the Asia-Pacific’s aviation industry growth. After the exponential growth in the COVID-19 cases in China, an immediate and complete ban was imposed on all the domestic and international flights to avoid any further spread of infection. Moreover, as the pandemic continues to spread in other countries of the region such as South Korea, Japan, and India, the countries have started to impose travel restrictions. In addition to this, the visa on arrival was also canceled by various countries of Asia-Pacific.
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/asia-pacific-aviation-market
Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and coming years?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Asia-Pacific Aviation Market – Segmentation
- Cargo Airlines
- Passenger Airlines
- Aircraft Manufacturing
- Airport Management
- Catering & Other Services
Asia-Pacific Aviation Market – Segmentation by Geography
- Rest of Asia-Pacific
- Air China, Ltd.
- Air India, Ltd.
- Air Asia Berhad
- China Eastern Airlines Corp. Ltd.
- IndiGo (Inter Globe Aviation Ltd.)
- Japan Airlines Co., Ltd.
- Juneyao Airlines
- Malaysia Airlines Berhad
- Qantas Airways, Ltd.
- Singapore Airlines
For More Customized Data, Request for Report Customization https://www.omrglobal.com/report-customization/asia-pacific-aviation-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
For More Information, Visit Orion Market Research
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Contact no: +91 780-304-0404