Q2 2024 Update: The travel industry continues to perform with relatively strong growth rates
As of May 2024, RPK increased by 14.5% YTD, (16.9% in Q1 2024)
- 11.2% growth forecasted for 2024.
IATA, forecasts a positive but slowing growth rate for the next 4 years, and a 3.8% GAGR until 2043, with 4 billion more passengers.
- North America and Europe slower growth forecasted at ~2.5.
- Total travelers are expected to reach 4.96 billion in 2024—a record high.
https://www.iata.org/en/iata-repository/publications/economic-reports/global-outlook-for-air-transport-june-2024-report/
https://www.iata.org/en/iata-repository/publications/economic-reports/air-passenger-market-analysis-may-2024/
Traffic by Region
US
In 2024, US airport traffic showed robust growth, with daily passenger numbers consistently exceeding previous years’ figures by 5-10% throughout June. Starting from mid-February 2024, US air traffic surged to its highest levels in five years. Forecasts indicate this growth momentum is expected to continue through the summer.
Europe
- Traffic growth expected to slow from just below 10% 2024 vs 2023 to around 8% year-on-year in 2025
- Traffic this year to fall -14.2% below the projected traffic for 2024 pre-Covid trendline
- Passenger traffic in 2024 will surpass 2019 levels by +3.2%. This is a significant improvement compared to the October 2023 forecast (+1.4%)
