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Leap year boost: IATA Reveals 21.5% growth in global air passenger demand
Leap year boost: IATA Reveals 21.5% growth in global air passenger demand
Thursday, April 4, 2024
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In February 2024, the International Air Transport Association (IATA) unveiled its latest data on global passenger demand, showcasing notable increases:
- Total demand, gauged by revenue passenger kilometers (RPKs), surged by 21.5% in contrast to February 2023. Concurrently, total capacity, measured by available seat kilometers (ASK), saw an 18.7% uptick year-on-year. Notably, the load factor for February reached 80.6%, marking a 1.9 percentage point increase from February 2023.
- International demand experienced a significant uptrend of 26.3% compared to February 2023. Correspondingly, capacity rose by 25.5% year-on-year, while the load factor showed improvement, reaching 79.3%—a 0.5 percentage point increase from February 2023.
- Domestic demand also saw substantial growth, rising by 15.0% compared to February 2023. Capacity for domestic flights increased by 9.4% year-on-year. Remarkably, the domestic load factor reached 82.6%, marking a significant 4.0 percentage point increase compared to February 2023.
It’s important to note that February 2024 was a leap year, boasting an additional day compared to February 2023. This adjustment slightly inflates both demand and capacity growth figures positively.
“The strong start to 2024 continued in February with all markets except North America reporting double-digit growth in passenger traffic. There is good reason to be optimistic about the industry’s prospects in 2024 as airlines accelerate investments in decarbonization and passenger demand shows resilience in the face of geopolitical and economic uncertainties. It is critical that politicians resist the temptation of cash grabs with new taxes that could destabilize this positive trajectory and make travel more expensive. In particular, Europe is a worry as it seems determined to lock in its sluggish economic recovery with uncompetitive tax proposals,” said Willie Walsh, IATA’s Director General.
Air Passenger Market Analysis – February 2024
In February 2024, the global air passenger market witnessed notable growth across regions compared to the same period last year. Here’s a breakdown of the performance:
Total Market Overview
- Total market RPK (Revenue Passenger Kilometers) increased by 21.5% year-on-year, while ASK (Available Seat Kilometers) rose by 18.7%. This resulted in a 1.9 percentage point increase in the Passenger Load Factor (PLF), reaching 80.6%.
Regional Breakdown – International Passenger Markets
- All regions experienced double-digit growth in international passenger markets compared to February 2023. Notably, international demand surpassed pre-pandemic levels, growing by 0.9% compared to February 2019. However, this growth is partly attributed to February 2024 being a leap year.
- Asia-Pacific airlines saw the highest increase in demand, with a 53.2% year-on-year growth. Their capacity increased by 52.1%, leading to a PLF of 84.9%.
- European carriers experienced a 15.9% year-on-year rise in demand, with a load factor of 74.7%.
- Middle Eastern airlines recorded a 19.7% increase in demand, achieving a load factor of 80.8%.
- North American carriers witnessed a 16.0% increase in demand but experienced a slight decrease in load factor, reaching 77.7%.
- Latin American airlines saw demand rise by 21.0%, with a notable increase in load factor to 84.2%.
- African airlines experienced a 20.7% increase in demand but observed a slight decrease in load factor to 74.0%.
Domestic Markets
- China led domestic demand growth with a significant 35.1% increase compared to February 2023, driven by unrestricted Lunar New Year travel.
Detailed Breakdown of Domestic Markets – February 2024
- Domestic markets accounted for 39.9% of the global air passenger market in February 2024. Notable performance includes:
- Domestic Australia: Demand increased by 14.9% year-on-year with a load factor of 73.4%.
- Domestic Brazil: Demand grew by 3.2%, albeit with a decrease in load factor to 77.5%.
- Domestic China P.R.: Witnessed substantial growth of 35.1% with a load factor of 84.9%.
- Domestic India: Recorded a 5.3% increase in demand with a high load factor of 88.8%.
- Domestic Japan: Experienced a 9.1% growth with a load factor of 79.0%.
- Domestic US: Saw a 5.7% increase in demand, achieving a load factor of 80.2%.
Note: The detailed data presented covers six major domestic passenger markets, which collectively represent approximately 31.4% of global total RPKs and 78.8% of total domestic RPKs.
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