CLEVELAND, Oct. 20, 2016 /PRNewswire/ -- Growth in US air transport service revenues is forecast to average 5.4% annually through 2020. Demand is projected to increase as rising incomes drive gains in tourism and vacation travel while expanding global economic activity and trade boost the need for business-related travel and air freight.
Domestic Scheduled Passenger Services Lead the Way
Revenues for domestic scheduled passenger services are projected to rise 5.7% per annum over the same period, remaining the largest and fastest-growing discrete segment. Demand is expected to grow as recreational travelers and businesspeople continue to value fast transit times as travel needs increase, while ultra-low-cost carriers will entice consumers that might not otherwise afford to fly, boosting the volume of travelers and total revenue.
These findings are featured in Air Transport Services: United States, a report recently released by Freedonia Focus Reports, a division of The Freedonia Group.
The full report analyzes and forecasts revenue for US air transport services in US dollars to 2020. Total revenue is segmented by source in terms of:
- domestic scheduled passenger
- international scheduled passenger
- domestic nonscheduled passenger
- international nonscheduled passenger
- domestic scheduled freight
- international scheduled freight
- other sources such as fees, nonscheduled freight services, and specialty air transport services.
The report covers revenues for the US air transport service industry, which includes the revenues of US-headquartered firms as well as the revenues of foreign-headquartered firms for flights that land or take-off in the US. Notably, foreign-owned carriers may operate international flights to and from the US but cannot fly between US airports. Activities excluded from the scope of the report include crop dusting and fighting forest fires using specialized aircraft, specialized air sightseeing services, gathering of geophysical data, specialized flying schools, and recreation aviation clubs.
To illustrate historical trends, total revenue is provided in annual series from 2005 to 2015, while the various segments are provided in annual series from 2010 to 2015.
Please link any media or news references to our reports or data back to the report or our main page www.freedoniagroup.com.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-air-transport-services-to-see-strong-growth-through-2020-300348595.html
SOURCE The Freedonia Group