Half the world is living in cities. It is not probable that globalization will stop
and, with exponential development, this city population will only grow globally. An
OXFAM report published in January 2015 states that 1 % of the world’s richest
people own 42 % of the total global wealth while the other 99 % own the balance
58 %. Of these, the world’s richest 20 % own almost all of the 58 % leaving just
5.5% to almost 80%of the world. In just 2 years, the top 1% will have more wealth
than the other 99 % if this trend continues.1 An ageing population, many with
disposable incomes, is another irreversible trend. Against this backdrop, increasing
urbanisation; expanding middle class; and rise in migration, tourism and international
students are current and future trends.
Amidst these revealing figures, a PWC Global Airline CEO Survey conducted in
2014 states that airline CEOs expect three trends to dominate over the coming
years: technological advances; shifts in the global economy; and demographic
changes that would transform their businesses.2 Development and international
cooperation is a buzz word in many developed and developing countries. Air travel
will double in 2035 as against today’s figure. In January 2015, ongoing projects for
airport construction amounted to the value of US $543 billion globally.
These facts and figures incontrovertibly spell out the future of air transport and
the inevitable fact that liberalization of air transport is a compelling need to meet
demand. However, protectionism of market access is looming its head, taking us
back to the frustrating 1970s and 1980s. Technology is changing rapidly, affecting
the way air transport is being conducted around the world.