India Shakes Up the Global Aviation Industry
A revival in domestic air travel to nearly pre-pandemic level propelled India to the big leagues of major aviation markets, according to the trade body, the International Air Transport Association’s latest market analysis report. Domestic travel in India missed the pre-Covid level by 2.2 percent in February 2023 in terms of passenger revenue kilometers, the study said. The country also emerged as the top domestic market in terms of passenger load factor — which studies how efficiently an airline fills seats and generates revenue — when compared to countries such as the U.S., China and Japan, the report said. India recorded passenger load factors of 81.6 percent in February, 85.2 percent in January, 88.9 percent in December 2022, and 87.9 percent in November 2022. Domestic air passenger traffic for all markets measured for February surged 25.2 percent over the year-ago period. Besides aircraft manufacturers, international airlines too are eyeing the growth potential of the Indian aviation market. Just last week, Hungary budget carrier Wizz Air’s CEO Jozsef Varadi said India is a growing opportunity. Abu Dhabi-based Etihad Airways is another airline that is planning to expand its capacity in the country, as it looks to drive 20 percent growth from India in the next year, the airline’s CEO Antonoaldo Neves said during his recent visit to the country.