-
$158bn increase compared to 2019
-
400m more passengers this year
-
4bn new passengers in next 20 years
Pulling free from the ruins brought about by the Covid-19 pandemic, the global airline industry is poised for a record five billion flights and revenues of at least $1 trillion in 2024, data by AltIndex, alongside the result of a survey by International Air Transport Association (IATA) have shown.
The pandemic has been logged as the industry’s deepest crisis in its history, but just three years after Covid-19, it has not only fully recovered but is now primed for record performances in passenger and revenue numbers.
The five billion represent scheduled flights and do not include non-scheduled flights which are known to happen very regularly across the world.
But it is the full recovery by the industry, as shown by the result of a survey by the International Air Transport Association (IATA), that has continued to astound after global passenger numbers, which went down 60 percent and revenue for the industry, which tanked by a high 70 percent world-wide and brought the industry to its knees. Global demand for flights is said to be much stronger now.
The data from IATA show 2019 numbers of the airline industry were matched and surpassed in February, giving clear signal of the bumper record the industry will post in flight size and revenue figure.
The world-wide projection points to the pre-pandemic number of flights being overhauled while passenger numbers will swell by 400 million more this year even as the flights reach five billion. This is on the back of rise in global demand for flights.
According to available statistics, while most regions are expected to perform above 2019 levels, Asia-Pacific will see the highest growth in 2024. For instance, data point to the number of airline passengers in the region jumping by 17 percent year-over-year, with the growth to be driven by China and India.
In that growth trajectory, Europe is projected to see a strong 11 percent increase in passenger numbers, while the Middle East, Latin America, and North America will post nine percent, eight percent, and seven percent annual growth rates, respectively.
Other details from the IATA survey report show that besides reaching a record number of passengers, the airline industry will also generate more revenue than ever. According to the IATA survey, the global airline industry revenue is expected to gross almost one trillion dollars this year, representing a massive $158 billion increase compared to 2019 figures.
The remarkable 2024 global airline traffic rebound has led to market projections for the years ahead becoming more optimistic as IATA now expects world airline passengers to grow by an average of 3.8 percent annually over the next two decades, resulting in over four billion new travellers by 2043.
This future growth will be led by Asia Pacific among the region, with an average 5.3 percent annual increase and over 2.7 billion new passengers in this period. The region’s GDP is expected to increase by 65 percent over the coming 20 years, causing the number of trips per capita to almost triple. As a result, nearly half of global passenger traffic in 2043 will originate or depart from Asia-Pacific, up from 34 percent last year.
Statistics also show that the European and North American markets will grow much slower, adding roughly 650 million new passengers in the next twenty years.
