Airlines on pace for unprecedented US$1 trillion revenue, record 5 billion passengers in 2024, amid post-Covid bounce back
- Airlines will fly almost 5 billion passengers in 2024 and revenues will near US$1 trillion, both record highs, as the industry roars back after the pandemic
- Covid-19 plunged the aviation industry into crisis, grounding fleets and costing thousands of jobs, with losses of US$183 billion between 2020 and 2022
Airlines will fly almost five billion passengers in 2024 and revenues will near US$1 trillion, both record highs, trade body IATA said on Monday as the industry roars back after the pandemic.
The International Air Transport Association also said it expected the world’s airlines to post US$30 billion in net earnings this year, up from its previous estimate of US$25.7 billion.
However, total expenses are expected to hit a record high this year, climbing 9.4 per cent to US$936 billion, IATA announced at its annual general meeting in Dubai.
Fossil fuel-burning airlines are also under pressure to contribute to the fight against climate change and make progress towards a pledge to reach “net zero” carbon emissions by 2050.
This year’s expected US$30 billion profit “is a great achievement considering the recent deep pandemic losses”, IATA director general Willie Walsh told the body’s annual general meeting in Dubai.
“Without a doubt, aviation is vital to the ambitions and prosperity of individuals and economies. Strengthening airline profitability and growing financial resilience is important,” he added.