Air transport industry development status

First, the competition pattern has been improved. Compared with the United States, there is still room for improvement in the future

Compared with the United States, although there are big differences between China and the United States in regulation, resources, competition and other aspects, it is impossible to simply compare, but on the whole, China has a large space for future development. From the perspective of supply and demand, China's industry is developing faster than the United States, and Both China's supply and demand have maintained a high growth rate (in the past 10 years, the compound growth rate of Supply and demand in China is 12.1% and 13.0% respectively, while that in the United States is 1.1% and 1.6% respectively). 2) In the past 10 years, the growth rate of supply is slightly lower than that of demand, leading to the fluctuation of passenger load factor in both China and the United States (from 79.5% to 83.5% in the United States and from 74.5% to 83.2% in China). Although the passenger load factor in the United States is slightly higher than that in China as a whole, the growth rate of Passenger load factor in China is significantly faster than that in the United States in the past 6 years.

Air ticket prices in Both China and the United States have declined in recent years, but the air ticket prices in the United States are higher than those in China, and the air ticket prices in China have decreased significantly. It is expected that there is plenty of room for improvement in the future. Overall, the ticket price of the United States is significantly higher than that of China. Take 2017 as an example, the ticket price of the Three major American airlines VS the three Major Chinese airlines is 0.66 VS 0.50 RMB per passenger km. In the past three years, air ticket prices in the United States have declined slightly (based on the revenue per passenger mile of the three major airlines), while in China, air ticket prices have continued to decline since 2011. Even excluding the impact of the increase in the proportion of international routes and the reduction of fuel surcharges, air ticket prices still show an obvious downward trend. Taking into account the current air ticket price gap between China and the United States and the positive trend of supply and demand, there is much room for China's air ticket prices to rise in the future.

From the perspective of market competition pattern, due to mergers and acquisitions within the industry, the concentration degree of both China and The United States has improved since 2000. Although it has declined slightly in recent years, the overall competition pattern has been optimized, but China is lower than the United States, and there is still room for improvement in the future.

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