Market Trends of Airport Lounges Industry
This section covers the major market trends shaping the Airport Lounges Market according to our research experts:
Construction of New Airports and Expansion of Existing Airports Will increase the Demand for Airport Lounge Market During the Forecast period
Many countries have been planning to construct new airports with the increase in air passenger traffic. In March 2022 Indian aviation ministry approved the construction of 21 greenfield airports in the country. According to the Center for Aviation report, a total of 633 projects are ongoing at existing airports globally, and the amount estimated for the projects collectively is about USD 565.7 billion. New airports would allow the market to grow, as more lounges will be constructed for passengers. Airports worldwide have faced losses during the covid and are currently recovering. The expansion of the existing airports has increased to accommodate the passenger and meet the air passenger traffic. For instance, at Newark International Airport in the United States, a new terminal, Terminal A, has been constructed and will be unveiled in November 2022. The terminal has nearly 30,00 sq ft dedicated to four different lounges, one of which is the American Express Centurion lounge spread across an 18,000 sq ft area. This lounge has a piano lounge, a Jersey jazz-themed bar, and a speakeasy-themed cocktail lounge. American Express is also planning on adding wellness rooms, workstations, and multiple food buffets.
Asia-Pacific is expected to Grow During the Forecast period
Currently, North America holds the biggest share in the Airport Lounges market, and the United Arab Emirates has the most and best premium class lounges. But Asia-Pacific has become a significant hub for the aviation industry. The emerging economies in the region, like India and China, are experiencing a massive surge in their respective civil aviation markets due to an increased demand for air travel. Hence, the revenues from Asia-Pacific are projected to witness a high growth rate during the forecast period. According to a report released by the Centre of Aviation in March 2022, Asia-Pacific holds the largest number of ongoing airport construction projects, 40.2% of the global value, and the estimated value is USD 227 billion. Along with these two major countries, Singapore and Australia also witness growth in the airport lounge market. According to a statement released by the Ministry of Civil Aviation, it is expected that the number of airport lounges in India will increase to 150-160 by 2030. In October 2022: JP Morgan opened a new lounge, the Chase Sapphire, at Hong Kong International Airport. This is an upgrade to the already existing The Club lounge, located at the terminal 1 of the airport.
Such developments are likely to propel the growth of the airport lounges market over the forecast period.
