Global Airlines Market Projected To Reach $744B By 2026
Global Air travel market estimated at $332.9 billion in 2020 is projected to reach a revised size of $744 billion by 2026 indicating a rebound and a recovery from the effect of COVID-19 pandemic.
The global market for airlines, industry data have shown, is growing at a cumulative annual growth rate (CAGR) of 12.7 per cent in the forecast period.
The projected growth in the post COVID-19 period according to The Nation report will be led by connectivity, aircraft automation, global affluence, immersive worlds, jet propulsion advancement, fluid formats, new energy aircraft, healthy habitats, and hyper-personalisation with emphasis on the future of flying.
Other triggers, the study reveals, suggest that passengers are expected to tailor their experience to meet more specific needs.
Passengers, the study also adds, will be prioritising the space requirements, entertainment, and service over buying a first or business class ticket.
The study indicates that there will be a need to package the consumer experience differently and make significant changes to the prevailing system, realising the need for smart cabin components with integrated sensors , which are expected to play a decisive role in revamping the way passengers interact with the environment.
Another determining factor, the study shows, includes receptive and responsible cabin adaptations to the dynamic passenger`s expectations pointing to comfort, ambiance, intelligent seats, and activity areas.
The study indicates that there will be continued use of technology to understand consumer behaviour and preferences to implement customisations onboard in a seamless fashion.