Passenger Air Transport Market Overview 2023-2032: Market Size, Growth Rate, Major Drivers and Key Segments - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, June 5, 2023 /PRNewswire/ -- As per The Business Research Company's Passenger Air Transport Global Market Report 2023, the global passenger air transport market size will grow from $573.6 billion in 2022 to $834.2 billion in 2023 at a compound annual growth rate (CAGR) of 45.4%. The passenger air transport market is expected to grow to $1053.34 billion in 2027 at a CAGR of 6.0%. Going forward, government support, the increase in global tourism, the rising urbanization and the rising use of analytics in the aviation industry will drive the market growth.

The global passenger air transport market is slightly fragmented, with few large players and a large number of small players. American Airlines Group Inc was the largest competitor with 7.59% share of the market, followed by Delta Air Lines, Inc., United Airlines Holdings, Inc., Lufthansa Group, Air France–KLM, The Emirates Group, Southwest Airlines Company, China Southern Airlines, Japan Airlines Co Ltd. and Air China Limited.

Learn More On The Passenger Air Transport Market Report – https://www.thebusinessresearchcompany.com/report/passenger-air-transport-global-market-report 

Major companies in the passenger air transport market are focusing on new technologies and developing technologically-advanced solutions to strengthen their position in the market. For example, in February 2023, Air Canada, a Canada-based flag carrier, launched digital identification, becoming the first airline in Canada with approval to offer passengers the option of using facial recognition technology to confirm identification. Air Canada plans to expand digital identification options to select Canadian airports and Maple Leaf Lounges as part of its pilot project phase.

Furthermore, companies in the passenger air transport market are using artificial intelligence (AI) to improve efficiencies. AI in aviation has the potential to increase urban air mobility, improve airline safety, automate flight scheduling and enable predictive maintenance of airplanes. For example, in September 2022, Saudi Arabian Airlines (known as Saudia), a Saudi Arabia-based national flag carrier, signed a memorandum of understanding (MoU) with the Saudi Data and Artificial Intelligence Authority and the Saudi Company for Artificial Intelligence, to utilize digitization and artificial intelligence solutions and cement the Kingdom's global leadership in the field.

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The global passenger air transport market is segmented -

1) By Type: Domestic Air Passengers, International Air Passengers 
2) By Class: Business Class, Economy Class
3) By End-Use: Private, Commercial    

As per the passenger air transport market analysis, the top growth potential in the passenger air transport market by type will arise in the domestic air passengers market, which will gain $355.1 billion of global annual sales by 2027. The passenger air transport market size will gain the most in the USA at $105.5 billion.

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