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Thailand aviation growth slows in 2014 as international traffic drops and domestic numbers surge

Analysis

Thailand passenger growth moderated significantly in 2014 as civil unrest drove a drop in international traffic. Total passenger traffic growth was in the low single digits, marking the first time since 2010 that double digit growth was not achieved.

Market conditions should improve in 2015, leading to the resumption of international growth, as the political situation stabilises. But overcapacity remains a concern as competition intensifies further.

Thailand's dynamic LCC sector continues to gain market share and pursue rapid expansion. Thai Airways, which saw passenger numbers drop by an alarming 17% in 2014, is now in restructuring mode but any further reductions in capacity by the flag carrier will be more than offset by competitors.

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