|Product Code: ETC362069||Publication Date: Aug 2022||Updated Date: Sep 2023||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
The aviation industry in the Philippines has experienced significant growth over the past few years, with a compound annual growth rate (CAGR) of 11. 5% between 2015 and 2020. According to the International Air Transport Association, passenger traffic increased by 22. 9% by the estimated timeframe alone, reaching 85 million passengers per year. The countrys two main airportsMactan Cebu International Airport and Ninoy Aquino International Airportaccounted for 66% of total domestic air travel in 2018. There were also 87 registered airlines operating domestically as of 2019 and international carriers such as Singapore Airlines, Cathay Pacific Airways, Emirates, Qatar Airways and AirAsia X are now serving routes within the Philippine archipelago.
The aviation market in the Philippines has shown potential for growth due to increasing air travel demand, the country`s strategic location in the Asia-Pacific region, and efforts to improve aviation infrastructure. The growth drivers include rising disposable incomes, tourism development, and expanding business activities. Government initiatives to enhance airport capacity, upgrade facilities, and attract more airlines also contribute to the market`s positive outlook.
The Philippines aviation market has the potential for growth due to increasing domestic and international travel demand. However, the industry faces several challenges that could impact its development. These challenges include the need for modernized airport infrastructure, regulatory hurdles, air traffic congestion, safety concerns, and the unpredictable impact of events such as the COVID-19 pandemic. Balancing growth with sustainability and ensuring passenger safety will be crucial for the aviation industry`s success.
The aviation industry in the Philippines was significantly impacted by the COVID-19 pandemic. The country saw a substantial decrease in air travel due to lockdowns, travel restrictions, and passenger apprehensions about the virus. Airlines faced challenges in maintaining operations, and some even had to temporarily suspend flights or reduce their fleets. International and domestic tourism, which often drives air travel demand, were heavily affected, leading to decreased passenger numbers and revenue loss for airlines. The aviation market is expected to gradually recover as vaccination efforts progress and travel restrictions ease. However, the pace of recovery will depend on various factors, including global travel trends, consumer confidence, and the containment of new variants of the virus. Airlines and stakeholders will need to adapt to changing passenger preferences and safety protocols to rebuild trust and stimulate travel demand.
Philippine Airlines, Cebu Pacific Air, and AirAsia Philippines. These are some major players operating in the market.