Air travel has long been dominated by established markets in Europe and North America but in recent years Asia is quietly becoming a large and growing market for all things aviation. According tothe International Air Transport Authority (IATA) Asia is now the largest aviation market. Passenger numbers are estimated to increase by 10% per year, reaching 900 million passengers by 2020 and that estimate excludes China.
Much of this passenger growth can be attributed to rising incomes, as more people have disposable income many are choosing to travel and LCC are benefiting. Government, including the Chinese government, are also making it easier for their citizens to travel.
Increasing passenger numbers create opportunities for the entire travel and aviation sector:
Increasingly more business and investment will take place in Asia. China’s business travel is forecast to grow 17% next year making it larger than the current world leader, the United States.
This growth is not without challenges. The increase in air travel also raises environmental concerns with many large Asian cities already suffering alarming air pollution levels and high rates of respiratory illness. Rising fuel costs are also impacting airlines costs.
Elizabeth has a strong background assisting clients to navigate the often conflicting signals in their external environments and find innovative opportunities . As a strategic foresight consultant at FutureNous she has assisted organisation to explore the future to find new products, alter their business model, find expansion opportunities and build their resilience. Her experience spans many industries including technology, mining, utilities, healthcare, non-profits, government, media and telecommunications, and many others. Elizabeth also works with Shaping Tomorrow writing Trend Alerts and more in-depth reports exploring the impact of long term (macro) trends.
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