Travel Industry Essay Example | Topics and Well Written Essays - 2500 words

Travel Industry - Essay Example International traffic is slated to grow at 6.1% during the next decade and is likely to slow down to 5.5% over the 2015-2025 period.1 NORTH AMERICA: North America remains the most mature and the largest market in terms of traffic volume. Since it is a mature market the twenty years growth estimates are lower than the world average. However the market was occupy an important position because of the sizeable volume of traffic flows. International travel prospects are more promising than inter regional, therefore the passenger fleet size will enlarge to 7402 units in 2025 from its current size of 4133 units(in 2005).2 LATIN AMERICA AND CARRIBEAN: Agreement between Brazil, Argentinia, Chile and Peru allows for a level of fifth freedom rights.ElSalvador, Guatemala, Hondauras and Nicaragua have moved a step closer to a single Central American Aviation market with an agreement that calls for more relaxed customs and immigration controls. Traffic growth projections for Latin America, for the review period are higher than the world average at 5.3%.The annual average rate for inter regional traffic is anticipated to be 6.1%.3 EUROPE:Inter regional traffic within Europe will remain the second most significant flow accounting for nearly 12% of the total world's traffic within that region. In 2005 Transatlantic load factor stood close to 83%.European traffic growth forecast stands at 4.8% equally the world annual growth rate. International traffic growth is likely to be robust. Therefore Europe's passenger fleet will double by 2025.4 Europe-Asia Pacific traffic flows will increase at 6.0%, with Latin America at 6.0%.CIS and Europe traffic flows will hit a 6.6% growth rate and a strong 7.3% with Middle East. CIS: International traffic flows from CIS will see a 6.8% increase, marginally above the world average rate. Russia dominates the aviation market landscape in CIS.In September 20005, more than 88% of CIS available domestic capacity was with Russia. Strategic destinations for international travel will be-Asia Pacific, North America and Middle East and Latin America.5 AFRICA: Angola and Nigeria are increasingly becoming an important business destination, mainly because of the accessibility to natural resources like oil, gas and copper. India and China besides other nations have struck trade partnerships with these African nations. In 2005, 100,000 Chinese tourists visited Africa, doubling the figure from 2004.Sub Saharan Africa is saw a 13% increase in international traffic inflows in 2005 as against 5% in 2004.6 MIDDLE EAST: Dubai has climbed from the 26th to the 10th position as a global hub over the last decade.Globally, the route exhibiting the highest growth in terms of traffic volume is London-Dubai. Middle East also has a geographical advantage with a 8,000 nautical miles circle around it.Also, the benefit of having three emerging economies (Russia, China, India) in its "backyard" makes it an advantageous location. International traffic growth is anticipated to be 7.2% for the next ten years and 6.3% over the span of 2015-2025.7 Potential for New Markets. BRIC: Vast consumer base and a consistent high growth rate. The emerging economies in Asia with their large populations and buoyant economies are expected to be the most promising