Aviation overcomes 9/11 aftermath: CAPA
Sydney, Sep 11: The aviation sector continues to grow, five years after the terror attacks of September 11 -- an assault that had the seeming potential to undermine air travel.
''The airline industry is a remarkable business,'' according to the Centre for Asia Pacific Aviation (CAPA).
''A simple reality is at play. People still want and need to travel by air, a reality that will reach many more people in emerging markets in the years to come as economies grow and incomes rise.'' Today, some 82,000 scheduled flights offering 9.5 million seats will operate around the world, said CAPA's executive chairman Peter Harbison. The volume of frequencies worldwide in September 06 is six per cent higher than five years ago.
All regions, with the exception of North and Latin America, are showing good rates of growth over the five-year period, the most notable being within Asia Pacific and within the European Union.
Even the trans-Atlantic route, troubled by ongoing terror threats and regulatory controls is showing a six per cent increase overall frequencies in September 06 versus five years ago.
Research by the CAPA finds that in the Asia Pacific region, demand was hit prior to 9/11 as the US economy dipped following the dot-com bust. Demand had already started to recover in 2002 and had it not been for SARS, would have bounced back in 2003.
But the growth trend was re-established in 2004 although recent growth rates are slowing due to high fuel prices.
''A slowdown in the global economy led by the United States, remains the greatest threat to growth going forward,'' said Mr Harbison.