Thailand and Malaysia are positioning themselves as future leaders in the aviation sector, mulling plans to capitalize on projected growth and become regional hubs by 2030. The strategic focus is aligned with forecasts from the International Civil Aviation Organization, which predicts a 4.3% annual increase in global air transport demand over the next two decades, with the Asia-Pacific region expected to experience the most substantial growth.
A study by Mordor Intelligence has identified the Asia-Pacific aviation market as the fastest-growing from 2024 to 2029, driven largely by resurgence in tourism. Predictions indicate that the market size will expand from $88.35 billion to $102.27 billion by 2029, supported by an increase in affluent travelers and a rising demand for business jets.
In Malaysia, the aviation sector is already showing strong signs of recovery. The Malaysian Aviation Commission reported a 16.1% increase in passenger numbers to 22.6 million in the first quarter of 2024 compared to the previous year. This growth is predominantly in international flights, which accounted for half of the passengers.
The revival of the aviation industry is evident as airlines focus on reinstating and expanding their international route networks, demonstrating resilience and adaptability in the post-pandemic landscape. Both Thailand and Malaysia are setting the stage for significant transformations in their respective aviation industries, targeting enhanced connectivity and economic growth through strategic developments in this sector. (NNT)
