Market Size of South-East Asia Civil Aviation Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South-East Asia Civil Aviation Market Analysis
The South-East Asia civil aviation market is expected to register a CAGR of over 7% during the forecast period.
- The COVID-19 pandemic presented unprecedented challenges for the aviation sector, including in South-East Asian countries. The region has experienced a significant decline in the number of travelers, reduced demand for aircraft, and supply chain disruptions. For instance, in Indonesia, the Ministry of Transportation reported a decline in the number of airplane passengers from 117 million in 2019 to 43 million in 2020. This trend continued into 2021, with only 35 million air passengers.
- However, the aviation sector has shown signs of recovery as governments ease travel restrictions. According to the Ministry of Indonesia, the number of air travelers in 2022 reached 78 million, indicating a positive outlook for the industry.
- Several factors, including an increase in air passengers, rising tourism expenditure, and growing demand for commercial aircraft fuel the market growth in the region. Additionally, the growth in air freight transport and demand for business jets from individuals are driving the market growth.
- Despite the pandemic, Vietnam's air cargo industry experienced strong growth, with a 17% increase in air cargo traffic in 2022, reaching 1.52 million tons. This growth can be attributed to the increasing tourism and spending in the aviation sector from Southeast Asian countries.
- In summary, the aviation sector in South-East Asian countries has faced significant challenges due to the COVID-19 pandemic, but the industry is showing signs of recovery. Factors such as increasing air passengers, rising tourism expenditure, and growing demand for aircraft and business jets are driving market growth in the region.
