NEWARK, Del, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The air traffic industry in KSA is expected to be worth US$ 13.6 billion in 2024 and US$ 31.1 billion by 2034, growing at 8.6% from 2024 to 2034.
According to the tourism ministry of the KSA, Saudi Arabia, in 2023, is expecting to receive 30 million international tourists and about 75 million domestic visitors. The KSA air traffic industry is expected to grow steadily during the forecast period. This is due to the increasing demand from the tourism sector. The growth in inbound and outbound flights is also one of the dominating factors for the industry's substantial growth.
The KSA air traffic market is one of the fastest-growing in the world. Saudia, the national carrier, dominates the market, but there is a growth in LCCs entering the market. The market is expected to continue to grow in the coming years, driven by economic expansion, tourism initiatives, and technological advancements.
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The Saudi Arabian economy is expected to grow at an average rate of 3.2% over the next five years, creating more disposable income and increasing demand for air travel. The Saudi government is investing heavily in tourism initiatives, intending to attract 30 million international tourists by 2030. This is expected to generate significant demand for air travel. Airlines are adopting new technologies, such as artificial intelligence and big data, to improve operational efficiency, enhance customer experience, and optimize pricing strategies.
Key Takeaways from the KSA Air Traffic Market:
- The international category is predicted to expand at a CAGR of 10.8% throughout the forecast period.
- In terms of demographics, the male segment is projected to expand at a CAGR of 7.7% during the forecast period due to the high disposable income of men compared to women.
- The independent traveler category is expected to grow with a CAGR of 11.5% during the projection period.
- The KSA air traffic market expanded at a CAGR of 3.9% from 2019 to 2023.
“The industry for air traffic has great potential in the coming future. With the expansion of airports, technological advancements, and a focus on sustainable aviation, Saudi Arabia is poised to become a regional aviation hub.”, -Says Ronak Shah (Associate Vice President at Future Market Insights).
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Competitive Landscape for KSA Air Traffic Industry
The competitive landscape of the air traffic industry in the Kingdom of Saudi Arabia is significantly dominated by Saudi Arabia. This company alone holds more than 50% of the total industry share.
However, there is a presence of small LLCs like Flynas, Air Arabia, Flyadeal, SalamAir, etc., who complement the market by offering diverse service options. These companies collectively form one of the strongest pillars in the Kingdom's tourism industry, which is the leading contributor to its economy.
Key Companies Covered:
- Saudi Arabian Airlines (Saudia)
- Flynas
- Air Arabia
- Flyadeal
- SalamAir
- Gulf Air
Recent Developments:
- Recently, Saudia, the national carrier of Saudi Arabia, announced its Green Flag Day offer with up to 30 percent discount on all international destinations. This airline company initiative is aimed at bringing more tourists to the country during the vacation season.
- Air Arabia, one of the leading airline companies in the Kingdom of Saudi Arabia, just inaugurated its direct flight from Ras Al Khaimah to Kozhikode. Given the number of diaspora in the Gulf region, this move by the company will prove beneficial to many Indians.
- In 2023, SalamAir successfully launched the Capture the Beauty of Oman campaign across its extensive network of 43 destinations. This is primarily done to spotlight Oman's attractions.
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KSA Air Traffic Industry by Category
By Age:
- 26 to 35 Years
- 36 to 45 Years
- 46 to 55 Years
- 56 to 65 Years
- 66 to 75 Years
By Demographic:
- Male
- Female
By Nationality:
- Domestic
- International
By Tourist Type:
- Independent Traveler
- Tour Group
- Package Traveler
Authored by:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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