Domestic aviation plays a pivotal role in connecting various destinations within a country in a time-effective manner. Increased globalization and demand for efficient transportation has augmented the need for low-cost air travel options within domestic borders. Budget airlines cater to this demand by offering affordable tickets and simplified services. The global Domestic Aviation Market is estimated to be valued at US$ 10.89 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for budget travel has accelerated the growth of the domestic aviation market over the past few years. Low-cost carriers or budget airlines have emerged as an attractive option for passengers seeking affordable air travel within a country. These airlines offer point-to-point travel with limited frills at significantly lower fares compared to full-service carriers. Moreover, they promote ancillary revenue activities such as charging for check-in baggage and preference seating to keep the base fare low. This innovative business model has gained widespread popularity among cost-conscious travelers, particularly youth and students.
Segment Analysis
The domestic aviation market can be segmented by aircraft type, passenger traffic, and purpose. The commercial aircraft segment dominates the market, constituting about 70% share in 2023. Wide-body aircraft and narrow-body aircraft are witnessing increasing demand for short-haul and medium-haul domestic routes due to factors such as rising middle-class income and industrial growth in emerging economies.
Key Takeaways
The Global Domestic Aviation Market Size is expected to witness high growth driven by the rising need for air connectivity within countries for business and recreational travel needs.
Regional analysis
The Asia Pacific region holds the largest market share currently owing to a large consumer base and presence of emerging economies like India and China exhibiting high air traffic growth. Countries like China are investing heavily in airport and air traffic infrastructure development which will drive market expansion.
Key players
Key players operating in the domestic aviation market are Singapore Airlines, Air New Zealand, Qantas, Qatar Airways, Virgin Australia, Emirates, All Nippon Airways, EVA Air, American Airline, Spicejet, The Boeing Company, Airbus SE, Lockheed Martin Corporation, and Embraer S.A. Boeing and Airbus have sizeable orders from low-cost carriers expanding operations across regions.
Get More Insights Here
https://www.newswirestats.com/domestic-aviation-market-size-share-growth-outlook-2023/
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