Throughout the last decade, the global transportation sector has seen explosive growth, with even greater increases forecasted.
Air travel has soared. The sector is on track to double in size over the next two decades. Just the number of employees affiliated with aviation alone is set to increase from 65 million to nearly 100 million. Passenger and freighter aircraft is also projected to double from 23,000 to 48,000 by 2038ii. As for the long-term forecast for air passengers: 8.2 billion in 2037 versus 4.4 billion in 2018.
Alongside passenger travel has grown air freight. Air freight tasks are expected to grow by 109 percent by 2030 on the strength of just-in-time delivery for manufacturing and mining products, medical and scientific supplies, and perishables.
Commerce on the seas is thriving, too. Cargo volumes through Australian ports are expected to double by 2040, owing to a consistent trade in primary exports, goods, and services. Meanwhile, the last decade brought double-digit growth to the Australian cruise industry and projections of more growth to come.
Of course, the pandemic has thrown a major spanner in the works. But the most recent industry forecasts have held up. Maritime trade is expected to return to positive growth in 2021vii. The long-term outlook for freight also appears bright. And the expected widespread distribution of a COVID-19 vaccine has prompted Australian air titans to deliver optimistic outlooks for domestic operations. Even the domestic cruise industry is expected to rebound.
Download the full guide to continue reading >>