The Domestic Passenger Air Transportation Services market in the US exhibited substantial growth from 2013 to 2019, with a consistent upward trend averaging a CAGR of 2.13%. However, the COVID-19 pandemic led to an unprecedented decline in 2020, with a significant drop of 15.58% in year-on-year value, indicating the industry's vulnerability to global disruptions. Post-2020, the market rebounded with robust growth in 2021 and 2022, achieving a CAGR of 1.73% over five years and a year-on-year increase of 1.53% by 2023, reaching a value of 116.73 billion USD. Forecasts suggest a steady but modest growth with a 5-year CAGR of 1.22%, reaching 125.25 billion USD by 2028.
Trends to watch:
- Technological advancements in air transportation.
- Sustainability initiatives impacting airline operations.
- Consumer behavior shifts post-pandemic.
- Regulatory changes and their impact on the industry.
