Airline Industry Aims for a New Record with Close to Five Billion Scheduled Flights and Almost $1 Trillion in Revenue in 2024

June 16, 11:12 am

Three years after the pandemic, the airline industry has not only fully recovered from the deepest crisis in its history but is also on its way to setting a new record in revenue and passenger numbers.

According to data presented by AltIndex.com, the global airline industry is set to reach nearly five billion scheduled flights and almost $1 trillion in revenue this year, the highest figures this market has ever seen.

400 Million More Passengers and $158 Billion Higher Revenue than in 2019

The airline industry has come a long way from where it was three years ago. Although the catastrophic 60% drop in global passenger numbers and a 70% drop in revenue in the early days of the pandemic brought the industry to its knees, the global demand for flights is now stronger than ever.

According to the latest International Air Transport Association (IATA) survey, the airline industry has not only fully recovered from the worst crisis in its history but is on its way to reaching a new record in revenue and scheduled flight numbers.

The IATA's data show total traffic matched and surpassed 2019 numbers in February this year and has continued growing ever since. With the global demand for flights rising, the total number of airline passengers is projected to reach almost five billion by the end of 2024, or 400 million more than before the pandemic.

Although most regions are expected to climb above 2019 levels, Asia-Pacific will see the highest growth in 2024. Statistics show the number of airline passengers in the region will jump by 17% year-over-year, with China and India driving growth. Europe is expected to see a solid 11% increase in its passenger numbers, and the Middle East, Latin America, and North America follow with 9%, 8%, and 7% annual growth rates, respectively.

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.

Entire Market to Add Over Four Billion New Passengers in the Next Two Decades

With 2024 bringing a remarkable rebound in global airline traffic, the market projections for the following years became even more optimistic. IATA expects world airline passengers to grow by an average of 3.8% per year over the next two decades, resulting in over four billion new travelers by 2043.

Asia Pacific will lead the growth among the regions, with an average 5.3% annual increase and over 2.7 billion new passengers in this period. The region's GDP is expected to increase by 65% 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% last year.

Statistics show that the European and North American markets will grow much slower, adding roughly 650 million new passengers in the next twenty years.

Read more about Airlines Stocks in our top lists.

Get More Insights

Sign up and get access to a personalized dashboard, deeper insights, AI stock picks, stock alerts, weekly newsletter and much more.

About Us

AltIndex revolutionizes investing with advanced alternative data analytics, smart insights, and stock alerts, presented in an easy-to-use dashboard powered by comprehensive company data from across the internet.



App download

Legal Disclaimer
The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.

© 2024 AltIndex. All rights reserved.