Survey Predicts Air Travel Boom for 2024

The International Air Transport Association predicts that passenger volume in the global aviation industry will expand significantly by 2024. This is wonderful news for airlines, but passengers may notice that flights are considerably more congested than they were this year.200 million more passengers than before the pandemic. The International Air Transport Association projects that the number of air passengers will reach 4.7 billion in 2024, up from 4.5 billion in 2019. This growth is due to shifting travel habits. According to IATA survey data, one-third of respondents are traveling more than they were prior to the pandemic, while almost half are traveling the same amount. Only 18% say they're traveling less.

Looking ahead, survey respondents paint an even brighter picture: 44% intend to travel more in the next 12 months than in the previous 12 months. Just 7% think they will travel less.Airline Profits To Take Off More passengers flying is excellent news for airlines. According to the IATA, passenger revenues are expected to increase by 12% to $717 billion in 2024, up from $642 billion in 2023. They expect that passenger yields, which are a measure of revenue per passenger mile, will rise by 1.8% by 2023.

The revenue increase will result in a higher bottom line. The IATA expects that airline operating earnings would reach $49.3 billion in 2024, up significantly from $40.7 billion in 2023.