SAN FRANCISCO, Aug. 9, 2021 /PRNewswire/ -- The outbreak of the COVID-19 pandemic has taken a severe toll on the global civil aviation industry, which has had to confront considerable revenue losses over the past year. The industry is poised for a gradual recovery and is expected to reach USD 1.09 trillion by 2028, registering a CAGR of 8.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. Airline operators took a drastic hit as several governments across the world imposed restrictions on the movement of people as part of the efforts to arrest the spread of coronavirus and people preferred keeping travel-related activities at bay owing to concerns over the risk of contraction of the disease. The demand for air travel continued to plummet as a result.
Key Insights & Findings:
- Both domestic and international air passenger traffic plummeted approximately 60% over the year in 2020. However, domestic air travel is recovering ahead of international air travel as various governments are easing the restrictions on the movement of people and permitting domestic air travel
- Airlines are putting a strong emphasis on enhancing the traveling experience by implementing solutions based on the latest technologies, such as thermal scanning, biometric scanning, and UV ray disinfection
- Asia Pacific is expected to recover faster than other regional markets. The level of consumer confidence among passengers in the region has been improving as a result of the efforts being pursued by the governments in the region to contain the spread of coronavirus
- Operators, including American Airlines, Alaska Airlines, and South West Airlines, are adopting unique marketing plans to attract passengers as part of the efforts to augment the revenues
Read 70 page research report, "COVID-19 Impact On Civil Aviation Industry Size, Share & Trends Analysis Report By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2021 - 2028", by Grand View Research
The initial response to the outbreak of the pandemic was limited to prohibiting travelers from China. However, with the rapid spread of coronavirus across the world, several governments went on to impose travel bans. The World Health Organization (WHO) coordinated with various governments to issue a global health advisory and urged people across the globe to avoid all travel activities. The subsequent dramatic decline in air passenger traffic following such containment measures poses a severe threat to numerous incumbents of the aviation industry.
At this juncture, airline operators are focusing aggressively on reviving themselves amid the challenging situation. Airlines are also focusing on regaining passengers' trust by ensuring sanitized cabins and guaranteeing touchless travel. At the same time, several governments worldwide are instilling cash in the aviation industry. Numerous airlines in the U.S. and the Gulf have already become solvent, even with reduced revenue inflows, leveraging the support they received from their respective governments.
Grand View Research has segmented the global civil aviation industry based on region:
- COVID-19 Impact on Civil Aviation Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
Check out more studies related to aviation, conducted by Grand View Research:
- Aviation IoT Market - Global aviation IoT market size was valued at USD 4.95 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.4% from 2021 to 2028. The exponential growth in air passenger traffic and a strong emphasis on enhancing passenger experience are expected to fuel the growth of the market.
- Aviation Test Equipment Market - Global aviation test equipment market is anticipated to witness growth over the forecast period. The factors that propel the growth of the market include rise in research and development activities for aviation test equipment and high-tech innovations.
- Aviation Connector Market - Global aviation connector market size accounted for USD 4.5 Billion in 2019 and is projected to exhibit a robust CAGR of 6.3% over the forecast period. The increasing demand for aircraft across the globe, the manufacturing of advanced avionics systems, and improving flight safety are the major growth factors for the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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