Market Size of Latin America Aviation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 40.11 Billion |
| Market Size (2029) | USD 46.57 Billion |
| CAGR (2024 - 2029) | 3.03 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Aviation Market Analysis
The Latin America Aviation Market size is estimated at USD 40.11 billion in 2024, and is expected to reach USD 46.57 billion by 2029, growing at a CAGR of 3.03% during the forecast period (2024-2029).
The outbreak of COVID-19 majorly impacted the aviation industry in Latin America, as the demand for air travel dropped and airlines were forced to cut their capacity in 2020 and 2021. However, the need for domestic travel and cargo movements and the growth of low-cost carriers in the region are driving the revival of the aviation market in Latin America. The lessened travel restrictions led to a rebound in passenger flows within the region and to North America, which helped the recovery of passenger traffic in the area. According to IATA, the 2019 passenger numbers are forecasted to be surpassed in 2023 for Central America (102%), followed by South America in 2024 (103%) and the Caribbean in 2025 (101%).
Despite the slow-growing economy of the region and the economic impact of the pandemic, countries in Latin America are planning to modernize their military aircraft fleet to strengthen their armed forces. This is expected to drive the military aviation sector in the country during the forecast period.
Privatizing airports in countries like Brazil, Jamaica, Honduras, Paraguay, and Peru, is expected to develop the airport infrastructure and enhance capacity, thereby supporting the growth of the general aviation market in the region.
