The global domestic aviation market was valued at US$ 825.3 Billion in 2017, and is expected to surpass US $ 1,130.8 Billion by 2027, registering a CAGR of 3.2% during the forecast period (2019-2027). According to the Global Domestic Aviation Market Report, by Type (Commercial Aircraft (Passenger, Fright and Others) and Others), by End-user (Government, Commercial, and Private), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Various governments around the globe are taking initiatives to propel the growth of the aviation industry. For instance, In May 2017, the government of India sanctioned a plan to develop a greenfield airport in Hirasar, Gujarat for US$ 194.7 Million The governments are increasing the number of airports to cater the demand of increasing air travel. The Indian government has also organized a global aviation summit in Mumbai in which delegates from 83 countries had participated. Such developments and events are expected to boost the growth of the aviation industry in India. Moreover the commercial airlines around the globe are also offering rewards for frequent travelers. For instance, American Airline offers extra miles to frequent travelers under the Business Extra Loyalty Program.
Furthermore, the increasing number of commercial aircraft around the globe to cater to demand for air travel is expected to drive the growth of the market during the forecast period. For instance, the American Airline ordered 50 aircrafts from Airbus SE in June 2019. Under this agreement, Airbus Se will deliver 30 Airbus A321 neo and 20 A321XL Rs. These are single-aisle and long range aircrafts. Owing to the increasing demand for commercial aircraft, the global domestic aviation market is expected to witness significant growth during the forecast period.
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