The value added of air transport in the UK experienced a steady increase from 2013 to 2023, rising from 3.69 billion to 6.1 billion Pounds Sterling. This period saw a year-on-year variation ranging from significant growth peaks in earlier years, such as 11.57% in 2013 and 14.43% in 2014, to more moderate growth rates around 2.18% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years has averaged 3.5%, indicative of consistent growth despite occasional industry fluctuations.
The forthcoming period from 2024 to 2028 is forecasted to maintain this growth trajectory with a 5-year CAGR of 1.51%, leading to an anticipated value of 6.71 billion Pounds Sterling in 2028. This represents a total 5-year growth rate of approximately 7.77%, suggesting a stable yet moderate growth environment for the sector.
Future trends to watch for include:
- Potential impacts of regulatory changes and environmental policies on the air transport sector.
- Technological advancements such as increased fuel efficiency and the adoption of sustainable aviation fuels.
- Market dynamics influenced by geopolitical factors and economic conditions affecting travel demand.
- Post-pandemic recovery and growth patterns in passenger and cargo air transport.
