Air passenger demand outlook.
Global air passenger number: 4.54 billion(2019)→4.96 billion(2024) with 3.8% CAGR (2023-2043). 5.3% CAGR(2023-2043) in the Asia-Pacific region, accounting for 66.2% of the global passenger number growth.
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Wings of prosperity: Economic growth through Air Transport.
Economic Development of Air Transport First Edition
Growth of E-commerce Market.
E-commerce market revenue is projected to continue growing, reaching an estimated $6.9 trillion in 2024. Rapid growth in e-commerce from China-based platforms has contributed to the improvement of air car.
2050 Net zero and SAF.
IATA foresees the following ways to achieve Net Zero by 2050: ① SAF 65% ②Carbon Capture and Offsetting 19% ③New Technologies (e.g., Electric, hydrogen) 13% ④Infra and flight operations 3%. But, the price of SAF is approximately 3 to 5 times higher than jet fuel and its production is also limited.
Airport Technology Trends.
In 2023, airport IT-related expenditures reached approximately $10.8 billion, and many airport operators anticipate that IT-related spending will continue to increase through 2024. (2023 IT Insight, SITA)
Trends in Airfare.
Border restriction lifted; Air Passenger demand increase, Limited airline seat capacity, Inbalance between supply and demand; Airfare increased (fuel surcharge, labor costs)
Aircraft manufacturing and deliveries.
In 2024, the number of aircraft deliveries is expected to record 1,109 units(decreased 19.5% YoY, 79.4% of the pre-COVID-19). Aircraft delivered by region: North America(32.0%), *Asia-Pacific(31.1%), Europe(21.7%) *36.6% in 2019 Boeing 737 MAX safety issues are expected to cause delays in aircraft manufacturing and deliveries.
Global Fleet Outlook.
Global fleet: 28,398 units(2024) → 36,413 units (2034) with 2.5% CAGR. Asia-Pacific region’s share: 15.9% (2024) → 14.2% (2034) On the other hand, China’s(14.5% → 17.7%) and India’s (2.1% → 4.2%) shares are expected to rise.
Air cargo outlook.
Global air cargo: 250 billion FTK(2019)→520 billion FTK(2042) with 3.2% CAGR. Freighter: 1,990 units(2020)→3,230 units(2042) with 2.2% CAGR.
Global Air Cargo Status.
In April 2024, global CTK showed double-digit growth for the fifth consecutive month, increased by 11.1% YoY. In April 2024, international CTK increased by 11.6% YoY, driven by a surge in e-commerce demand.
Global Air Passenger Status.
In April 2024, global RPK exceeded the 2019 figures and increased by 11.0% YoY. In April 2024, international RPK increased by 15.8% YoY, driven by growth in the Asia-Pacific region.
Global Aviation Industry Trends 2024.
Read the full report provided by the Korean Civil Aviation Association