Travel restrictions imposed to try and limit the spread of Coronavirus (COVID-19) had a negative impact on the travel industry in 2020. Global travel came to a halt as countries closed their borders, while demand for domestic trips was severely undermined by local restrictions and social distancing measures. Moreover, ongoing concerns about the virus and the uncertain economic outlook were continuing to exert downward pressure on demand even as official restrictions on travel were eased.
This report comes in PPT.
Scheduled airlines retain a dominant position in Asia Pacific. Most airlines are striving to expand their routes, especially in long-haul markets. However, scheduled airlines have long been facing the challenge of the rapid growth of low-cost carriers on short-haul routes. As budget airlines continue to expand aggressively by opening more routes at more affordable prices, competition in the airline industry will become increasingly fierce.
As passenger numbers keep rising, China and India continue to see significant investment in their travel transportation infrastructure. China has been investing heavily in railway infrastructure and technology development in order to enhance support for the 2022 Beijing Winter Olympic Games, while the Indian government announced plans to increase its airport capacity five-fold. With increasing demand from domestic travellers, the markets in China and India are expected to boom over the forecast period.
Airline value sales are shifting from offline to online. In 2015, airline online value sales started to exceed offline sales in the Asia Pacific region, with most countries witnessing an increase in airline online revenue. This has been supported by a trend for airlines to incentivise customers to book directly through their own websites or apps.
The growing middle class, the search for more life experiences and increased travel spending continue to drive the revenue of travel transportation in Asia Pacific. As governments continue to increase investment in infrastructure, overall transport capacity is expected to be increased significantly.
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
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