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Asia To Lift Global Airline Travel By 2014
By Alex Kennedy |
February 15, 2011, Tuesday
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GLOBAL airline travel will likely jump to 3.3 billion passengers by 2014 as Asia's fast economic growth drives the industry's expansion, the International Air Transport Association said yesterday.
Asia will likely account for 45 percent of the 800 million increase in air travelers between 2009 and 2014, IATA Chief Executive Giovanni Bisignani said in Singapore. China will be the fastest growing market for international passengers, followed by the United Arab Emirates, Vietnam and Malaysia, Bisignani said.
Asian carriers should earn about US$4.6 billion this year against just US$100 million of profit for their European competitors, reflecting the gap between the economic growth rates of the two regions, Bisignani said.
"Look at one number, GDP" he said. "When you see Singapore ... and China have double digit growth and in Europe we're struggling between 1 and 2 percent ...."
IATA expects gross domestic product in the Asia Pacific area to grow 6.6 percent this year, Europe to expand 1 percent and the United States to rise 1.5 percent.
Asia overtook North America as the largest aviation market in 2009 and will account for 30 percent of air traffic by 2014, while North America will slip to 23 percent.
Bisignani said the global airline industry will likely earn US$9.1 billion this year, down from US$15.1 billion last year.
Asia will likely account for 45 percent of the 800 million increase in air travelers between 2009 and 2014, IATA Chief Executive Giovanni Bisignani said in Singapore. China will be the fastest growing market for international passengers, followed by the United Arab Emirates, Vietnam and Malaysia, Bisignani said.
Asian carriers should earn about US$4.6 billion this year against just US$100 million of profit for their European competitors, reflecting the gap between the economic growth rates of the two regions, Bisignani said.
"Look at one number, GDP" he said. "When you see Singapore ... and China have double digit growth and in Europe we're struggling between 1 and 2 percent ...."
IATA expects gross domestic product in the Asia Pacific area to grow 6.6 percent this year, Europe to expand 1 percent and the United States to rise 1.5 percent.
Asia overtook North America as the largest aviation market in 2009 and will account for 30 percent of air traffic by 2014, while North America will slip to 23 percent.
Bisignani said the global airline industry will likely earn US$9.1 billion this year, down from US$15.1 billion last year.
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