Global Airline Profits to Continue Soaring Through 2024, Predicts IATA

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Airline profits expected to continue into 2024

  • Global airline revenue for 2023 projected to reach $896 billion
  • Net profit for 2023 anticipated to reach $23.3 billion
  • European carriers projected to have a net profit of $7.7 billion in 2023 and $7.9 billion in 2024
  • 2024 global outlook anticipates airline revenue to grow 7.6% year over year to a record $964 billion
  • Airline profits expected to continue into 2024

    The International Air Transport Association (IATA) announced that airline profitability for 2023 has exceeded projections, with global revenue expected to reach $896 billion and a net profit of $23.3 billion. European carriers are also projected to have a net profit of $7.7 billion in 2023 and $7.9 billion in 2024. In 2024, airline revenue is set to grow 7.6% year over year to a record $964 billion.

    Passenger Revenue and Traffic Projections

    IATA’s projections for 2024 include an anticipated increase in passenger revenue by 12% year over year to $717 billion, with a total of 40.1 million flights on offer. Total traffic is projected to be up 9.8% year over year, with an estimated 4.7 billion people expected to travel in 2024, surpassing pre-pandemic levels recorded in 2019.

    Resilience of the Aviation Industry

    IATA’s director general, Willie Walsh, expressed that the $25.7 billion net profit expected in 2024 is a tribute to aviation’s resilience, despite the significant losses experienced in recent years. The industry’s recovery has been remarkable, and while it appears to have cost aviation about four years of growth, the outlook for 2024 indicates a return to more normal growth patterns for both passenger and…

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