was 3.0% up from 2.4% in 2016. In addition to this, declining airline fare also plays a major role
in growth of air passengers, globally.
Growing travel and tourism industry is also one of the major factors for growth in the airline
industry. Passengers prefer airways as it more convenient and less time consuming way of
travelling. For instance, according to a 2016 report of economic impact by World Travel &
Tourism Council, the leisure travel spending in 2015 accounted for 76.6% of the direct travel
tourism GDP, globally, whereas, business travel spending accounted for 23.4%, globally. Another
application area for aircrafts is transportation.
Read more about this report @
https://www.coherentmarketinsights.com/ongoing-insight/aircraft-tire-market-1807
Government of various countries are focusing on increasing investments in the defense sector
such as in air defense equipment and others. According to National Investment Promotion and
Facilitation Agency, in India, an increase of 5.3% was reported in the budget for defense in the
year 2017-2018, compared to 2016-2015, accounting for around US$ 41 Bn, out of which 22.5%
is the estimated investment in the Air Force.
Asia Pacific is expected to exhibit the highest CAGR in the forecast period. Growth in the aviation
industry in Asia Pacific is one of the major driving factors for growth of the market. India, China,
and Japan are the major growth engines in this region. According to International Air Transport
Association, 2015, demand for air transport is expected to be highest in the Asia Pacific region
and is predicted to outpace both Europe and North America by 2034.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-
ready syndicated research reports, custom market analysis, consulting services, and competitive
analysis through various recommendations related to emerging market trends, technologies,
and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200