The UK's air transport production has shown significant fluctuations over the past decade. From 2013 to 2019, the sector experienced steady growth, with a notable increase in 2018. However, the pandemic in 2020 caused a sharp decline of 42.65%. The sector rebounded in 2021 with a 74.1% increase, followed by moderate growth in 2022 and 2023. As of 2023, the production stood at 29.46 billion pounds sterling. The forecasted CAGR for the next five years is 1.83%, indicating stable but moderate growth till 2028.
Future trends to watch for:
- Potential impacts of emerging sustainable aviation technologies.
- Changes in global and domestic travel demand post-pandemic recovery.
- Regulatory developments and their influence on the air transport industry.
- Economic factors, such as fuel prices and inflation.