BRIC countries seen to lead global aviation market in next 10 years
According to a study by Oxford Economics and commissioned by Amadeus, emerging economy leaders, or Brazil, Russia, India, China (BRIC) nations, is forecast to lead the civil aviation market in the next ten years. Asia would become the growth leader in outbound travel expenditure overtaking Europe by 2023, the report said. Asia-Pacific outbound travel is expected to hit $752.8bn, or account for 40-55% of the global total. BRIC nations, as well as countries like Turkey and Indonesia, are expected to see around 5% growth in the next decade, compared with a global average of around 3%. “Air travel growth will be led by emerging economies such as India, Indonesia and Russia, as non-OECD (Organisation for Economic Cooperation and Development) air travel is set to overtake that of OECD members for the first time, to become largest source of global air traffic by 2023,” said the study.