IATA: Airlines aim for 4.7 billion passengers in 2024

After recovering from the pandemic, airlines expect to carry a record 4.7 billion passengers in 2024. The good news about the aviation industry's recovery has been released by the International Air Transport Association (IATA).

The International Air Transport Association (IATA) has disclosed that, in a positive development, airlines are preparing for an incredible milestone in 2024. It is anticipated that they will transport a record 4.7 billion people globally. The aviation industry is expected to significantly rebound when it surpasses the pre-pandemic statistics of 4.54 billion passengers.

IATA's most recent declaration states that airlines have made a significant financial recovery from the COVID-19 pandemic, with a $23.3 billion net profit for the current year. This amount more than doubles the initial estimate of $9.8 billion that was set in June, demonstrating the aviation industry's flexibility and resiliency.

IATA expects profitability to stabilize by 2024, despite a minor revision to the projected number of airline trips for the current year, which is 4.29 billion (down from the June prediction of 4.35 billion). With an unprecedented global turnover of $964 billion, the predicted net profit is expected to reach $25.7 billion, indicating a good future. This exceeds the projected turnovers of $838 billion in the year prior to the pandemic in 2019 and $896 billion in 2023.

Unquestionably, the airline industry has had tremendous difficulties, between 2020 and 2022, losses of over $183 billion were reported. The principal cause of these losses was ascribed to the COVID-19 crisis-related border closures and travel restrictions.

"Given the massive losses of recent years, the gains expected in 2024 show the resilience of the aviation sector," said IATA Director General Willie Walsh, highlighting the industry's impressive rate of recovery. Walsh did point out that the industry's expansion has been stopped by the pandemic, which began around four years ago.

Walsh was optimistic about the future during a news conference held at the association's Geneva, Switzerland, headquarters. He said that projections for 2024 show a return to more usual growth paths for both cargo and passengers. The strong recovery of 2023 led to increased prices for tickets as demand surpassed airline capacity, which was impeded by delayed plane deliveries and operating difficulties.

As we move into 2024, IATA suggests a modest reduction in this trend, with airplane occupancy rates having already recovered to pre-pandemic levels, indicating a step in the right direction towards the industry's full recovery.