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1、CONTENTS Error! No text of specified style in document. March 2012 | 1-800-330-3772 | IBISWorld Industry Report 5531 Airports in China March 2012 About This Industry . 2 Industry Definition 2 Main Activities . 2 Similar Industries . 2 Additional Resources . 3 Industry Performance 4 Executive Summa
2、ry . 4 Key External Drivers 4 Current Performance . 5 Industry Outlook 8 Industry Life Cycle . 10 Products Guangzhou Baiyun International Airport (44.7 million); Shanghai Pudong International Airport (39.6 million); Shanghai Hongqiao International Airport (33.1 million); and Shenzhen Baoan Internati
3、onal Airport (28.2 million). Characteristics of airport businesses WWW.IBISWORLD.COM.CN Airports in China March 2012 6 Due to their specific geographic locations, airports show some monopolistic characteristics while operating as public infrastructure. Therefore, the government regulates aeronautica
4、l business charges at airports to prevent operators from gaining excessively from monopolized earnings. Without regulations, airport operators could increase their earnings, which would also inflate air transportation prices. This could act as an obstacle to local traffic and economic development. F
5、ixed assets at airports account for a large proportion of total assets. For example, the Shanghai Pudong Airport and Guangzhou Baiyun Airport have over 80% of total assets as fixed, while the Shenzhen Baoan Airport is at roughly 50% to 60%. Following the completion of airport facilities, depreciatio
6、n and some other fixed costs are often relatively stable, which leads to a high degree of operating leverage of airport operators. Therefore, cost controls on labor, utilities, maintenance and other outlays greatly affect airport profitability. The operating income and depreciation levels of airport
7、s can provide high cash flows for the company to cover daily operational costs. As air traffic volumes remain stable and capital expenditures decrease, the airport can become a cash cow to its operators and investors can receive stable returns. Non-aeronautical services Airports have become traffic
8、hubs for high-end passengers and valuable cargo. There are currently seven domestic airports each with average daily passenger numbers of about 81,227 persons. Daily passenger volume at Beijing Capital Airport has surpassed the number for Hong Kong Airport and Frankfurt Airport, averaging 219,178 pe
9、ople a day in 2011. Beijing Capital Airport, Shanghai Pudong Airport and Guangzhou Baiyun Airport have all reached the mainstream level for major international airports worldwide (111,000 people a day), which means preliminary conditions for developing non-aeronautical businesses have been met. Non-
10、aeronautical services provided by airports, such as the leasing of commercial properties and advertising space, serve as secondary businesses for domestic airports, yet provide higher value-added services and offer greater profit opportunities. However, the transferring passenger ratio in major dome
11、stic airports is currently lower than that of foreign international airports, which reduces the market value of these commercial properties. Currently, non-aeronautical business services of domestic airports are restrained by the three factors: a lack of marketing and management knowledge to conduct
12、 the services in this segment; weak transport hubs in major Chinese airports; and unclear definitions from the government regarding the management and operation rights of airport operators on related resources. Charging standards On March 1, 2008, the Civil Airport Charging Reform Scheme was formall
13、y issued. The scheme unifies and defines airport charge items, and divides them into aeronautical and non-aeronautical business charges. The scheme issues base charging standards and states that aeronautical charges and important non- aeronautical charges may not increase, as increases may have a ne
14、gative effects on aeronautical businesses of airport operations. Non-aeronautical business services of domestic airports are restrained by the following three factors: a lack of marketing and management knowledge to conduct the services in this segment; weak transport hubs in major Chinese airports;
15、 and unclear definitions from the government regarding the management and operation rights of airport operators on related resources. WWW.IBISWORLD.COM.CN Airports in China March 2012 7 Aircraft journeys and passenger throughput in China Years Aircraft journeys Thousands Growth % change Passenger th
16、roughput Million Growth % change 2007 3940.8 N/C 387.6 N/C 2008 4226.7 7.3 405.8 4.7 2009 4738.1 12.1 486.1 19.8 2010 5373.0 13.4 564.3 16.1 2011* 6138.0 14.2 634.3 12.4 2012* 6789.0 10.6 688.2 8.5 SOURCE: NATIONAL BUREAU OF STATISTICS CHINA NOTE: * ACMR-IBISWORLD ESTIMATES WWW.IBISWORLD.COM.CN Airp
17、orts in China March 2012 8 Industry Outlook The Airport industry in China is forecast to maintain solid growth in the five years through 2017. ACMR- IBISWorld projects industry revenue to increase at an annualized rate of 6.3% during the period to total $11.3 billion. Over 55 new airports are expect
18、ed to be added to Chinas airport system in this time, taking the total number of airports in China to 234 by 2017. Those airports are expected to handle 470 million passengers and 10.1 million flights annually by 2017. Demand for air transport is largely determined by the overall economic conditions
19、 within China. The Chinese economy is expected to maintain a solid performance in the next five years, and this will increase demand for air transport. Supply factors include new airlines and the transport capacity of existing airlines. The Civil Aviation Administration of China (CAAC) does not gene
20、rally approve the establishment of new airlines, so supply factors depend on changes in the transport capacity of existing airlines. To reduce the lingering effects of the global recession on the economy, the CAAC will continue to restrain transport capacity to promote supply and demand equilibrium
21、in the market. This will have a negative impact on the Airport industry. Planned airport construction investment According to the Twelfth Five-Year Plan of domestic civil aviation released by the CAAC, in the five years to 2015, the throughputs of passengers and freight are expected to grow 11.0% an
22、d 10.0% per year, respectively. Air transportation capacity is expected to increase considerably to 230 airports in total. Another aim of the Twelfth Five-Year Plan is energy saving and emission reduction. Five key laboratories and 10 major sci-tech specialties will be constructed during the period.
23、 The CAAC plans to construct airports and main airport projects in Chengdu, Xian, Guangzhou and 40 regional airports in Yanan, Lvliang and Huaian. The investment for these construction projects will total almost $30 billion. Airports will be constructed in Shanghai (Pudong), Chengdu, Wuhan, Nanjing,
24、 and over 20 regional airports in Daocheng Yading Natural Reserve area and other cities, with total investments for these projects reaching $36 billion. Forecast aircraft journeys and passenger throughput in China Year Aircraft journeys Thousands Growth % change Passenger throughput Million Growth %
25、 change 2013 7359 N/C 690 N/C 2014 7882 7.1 715 3.6 2015 8355 6.0 740 3.5 2016 8756 4.8 764 3.2 2017 9150 4.5 783 2.5 SOURCE: ACMR-IBISWORLD ESTIMATE WWW.IBISWORLD.COM.CN Airports in China March 2012 9 WWW.IBISWORLD.COM.CN Airports in China March 2012 10 Industry Life Cycle This industry is in the g
26、rowth stage of its life cycle. Life Cycle Stage The industry has experienced rapid growth in the past few years Airport density levels in China are far lower than in developed countries Future growth potential for air passenger transportation is great Non-aeronautical businesses of domestic airports
27、 are yet to be fully developed In the five years to 2012, industry value added is expected to increase at an annualized rate of 6.9%, higher than Chinas average GDP growth rate during the same period. The rapid overall growth of the industry is mainly driven by rising demand for downstream air passe
28、nger transportation services. The average airport density is calculated at about 15.3 units per million square kilometers in China, with the level being the highest at 46.7 in East China and the lowest at 8.1 in North West China. This is much lower than that in developed countries. The US, for examp
29、le, with a similar land size to China, has 65 airports per million square kilometers. According to CAACs planning on domestic airport distribution, the total number of airports is expected to total 244 in 2020, up from 175 in 2010. Currently, as a relatively new and high-end transportation mode, air
30、 passenger travel is yet to be fully popularized in China. Air transport ridership per capita in China was less than 0.15 times in 2012, which indicates strong growth potential in the future with rising household incomes and easier access to airports. Growth in revenue of domestic airports is largel
31、y driven by increasing air transport volumes, while non- aeronautical resources are far from being fully developed. Currently, since airport expansion can sufficiently lead to revenue growth, there is limited incentive for airports to increase management efficiency and to develop non-aeronautical bu
32、sinesses. However, as passenger volume growth rate in major airports declines, non-aeronautical businesses are expected to become increasingly important. This has been confirmed by the historical development of most large airports worldwide. According to annual reports of major domestic airports, re
33、venue from non-aeronautical businesses saw remarkable increase recent years due to improved management of the airport companies. WWW.IBISWORLD.COM.CN Airports in China March 2012 11 Products (2) It has available air traffic control, communications, navigation and meteorological facilities and person
34、nel that can ensure flight safety; (3) It has available security protection conditions conforming to state regulations; (4) It has an emergency plan to deal with extraordinary circumstances, and corresponding facilities and personnel; and, (5) It has available other conditions prescribed by the comp
35、etent civil aviation authority under the State Council. Chinas international airports are also required to satisfy conditions for operating international air transport services, and provide customs and other port inspection services. Charging standards for airport aeronautical businesses are set joi
36、ntly by the CAAC and government departments in charge of pricing. For foreign investment on civil aviation, investment scope includes civilian airports, public air transport enterprises, general aviation enterprises and air transport related projects. Air traffic control systems are banned from fore
37、ign investment or management. The term “civilian airport“ does not include military- civilian dual use airports. Civilian airport projects in which foreign investors may invest are divided into the two following categories: (a) civilian airport flight areas, including runways, taxiways, connecting t
38、axiways, parking aprons and lights to aid navigation; and (b) terminal buildings. Investments available to foreign investors include the following: (1) equity and co-operative joint ventures; (2) purchase of civil aviation enterprise shares, including shares issued outside mainland China, and listed
39、 foreign investment shares issued in mainland China by civil aviation enterprises; and, (3) other approved investments. The aviation service fees charged by civilian airport enterprises invested in by foreign investors shall follow uniform state rates, whereas the rates for fees charged for non-avia
40、tion services shall be determined through consultation between the enterprise and the local pricing department. Industry Assistance The level of industry assistance is medium and the trend of industry assistance is steady. There are no specific tariffs for this industry. Due to the public-interest n
41、ature of airports in China, the industrys earning power is restrained by government regulations. The new airport charging standards that came into effect in March 2008 stipulated that aeronautical charges shall be based on government guiding prices and will be in-line with the principle of cost reco
42、very and customer affordability. The Chinese government subsidizes airports in various ways to maintain reasonable profitability of aeronautical businesses of airports. The two most common methods include: (1) investment compensation; and, (2) refunding of airport construction fees. Additionally, to
43、 support the development of small and medium airports in underdeveloped areas, the CAAC and Ministry of Finance detailed a subsidizing scheme in 2008 for airports with annual passenger numbers fewer than 5 million. WWW.IBISWORLD.COM.CN Airports in China March 2012 34 To reinforce the competitiveness
44、 of the industry worldwide, government subsidies are estimated to continue in the following years. WWW.IBISWORLD.COM.CN Airports in China March 2012 35 Key Statistics Industry Data Revenue ($m) IVA ($m) Establish- ments Enterprises Employ- ment Exports ($m) Imports ($m) Wages ($m) Assets ($m) Aircra
45、ft Journeys (Thousands) 2003 2,591.4 992.9 126 63 64,107 - - 507.9 15,944.2 2,119 2004 3,534.6 1,411.8 128 65 70,581 - - 621.5 17,442.7 2,666 2005 4,106.2 1,660.1 135 68 75,804 - - 723.4 18,742.5 3,057 2006 4,700.6 1,921.8 142 70 81,035 - - 830.3 19,777.9 3,486 2007 5,288.6 2,167.8 148 73 86,869 - -
46、 937.3 20,630.6 3,941 2008 5,588.1 2,190.5 159 78 89,736 - - 984.0 20,968.8 4,227 2009 5,926.4 2,289.1 166 80 91,710 - - 1,035.3 21,493.2 4,738 2010 6,894.4 2,560.7 175 84 94,920 - - 1,157.0 22,397.0 5,373 2011 7,737.8 2,806.5 183 89 98,432 - - 1,288.9 23,203.4 6,138 2012 8,372.3 3,022.6 191 93 101,
47、483 - - 1,403.6 23,945.9 6,789 2013 9,008.6 3,231.2 198 95 104,427 - - 1,510.3 24,640.3 7,359 2014 9,594.2 3,425.0 203 98 107,142 - - 1,608.5 25,281.0 7,882 2015 10,179.4 3,606.6 208 100 110,500 - - 1,701.7 25,887.7 8,355 2016 10,769.8 3,790.5 210 102 113,373 - - 1,788.5 26,509.0 8,756 2017 11,340.6
48、 3,961.1 212 103 115,754 - - 1,865.4 27,065.7 9,150 WWW.IBISWORLD.COM.CN Airports in China March 2012 36 Annual Change Revenue (%) IVA (%) Establish- ments (%) Enterprises (%) Employ- ment (%) Exports (%) Imports (%) Wages (%) Assets (%) Aircraft Journeys (%) 2004 36.4 42.2 1.6 3.2 10.1 N/C N/C 22.4
49、 9.4 25.8 2005 16.2 17.6 5.5 4.6 7.4 N/C N/C 16.4 7.5 14.6 2006 14.5 15.8 5.2 2.9 6.9 N/C N/C 14.8 5.5 14.1 2007 12.5 12.8 4.2 4.3 7.2 N/C N/C 12.9 4.3 13.0 2008 5.7 1.0 7.4 6.8 3.3 N/C N/C 5.0 1.6 7.3 2009 6.1 4.5 4.4 2.6 2.2 N/C N/C 5.2 2.5 12.1 2010 16.3 11.9 5.4 5.0 3.5 N/C N/C 11.8 4.2 13.4 2011 12.2 9.6 4.6 6.0 3.7 N/C N/C 11.4 3.6 14.2 2012 8.2 7.7 4.4 4.5 3.1 N/C N/C 8.9 3.2 10.6 2013 7.6 6.9 3.7 2.2 2.9 N/C N/C 7.6 2.9 8.4 2014 6.5 6.0 2.5 3.2 2.6 N/C N/C 6.5 2.6 7.1 2015 6.1 5.3 2.5 2.0 3.1 N/C