Reports by AltIndex and IATA cite that the global airline industry is set to scale record highs this year with USD 1 trillion in revenue, propelled by APAC markets like China and India. Globally, airline passengers are also predicted to grow by an average of 3.8 pc per year over the next two decades, adding over 4 billion new travellers by 2043.

Three years after the pandemic plunge, the airline industry has not only fully recovered from the deepest crisis in its history but is also on its way to setting a new record in revenue and passenger numbers, contributed by Asia pacific, notably China and India.

According to data presented by research platform AltIndex, the global airline industry is set to reach nearly 5 billion scheduled flights and almost USD 1 trillion in revenue this year, the highest figures this market has ever seen.

It says that the airline industry has made much progress from where it was three years ago. Although the catastrophic 60 pc drop in global passenger numbers and a 70 pc drop in revenue in the early days of the pandemic brought the industry to its knees, the global demand for flights is now stronger than ever.

According to the latest International Air Transport Association (IATA) survey, the airline industry has not only fully recovered from the worst crisis in its history but is on its way to reaching a new record in revenue and scheduled flight numbers.

IATA’s data shows total traffic matched and surpassed 2019 numbers in February this year and has continued growing ever since.

With the global demand for flights rising, the total number of airline passengers is projected to reach almost five billion by the end of 2024, or 400 million more than before the pandemic.

The data cites that although most regions are expected to climb above 2019 levels, Asia-Pacific will see the highest growth in 2024.

Statistics show the number of airline passengers in the region will jump by 17 pc year-over-year, with China and India driving growth.

It says that Europe is expected to see a solid 11 pc increase in its passenger numbers, and the Middle East, Latin America, and North America follow with 9 pc, 8 pc, and 7 pc annual growth rates, respectively.

Besides reaching a record number of passengers, the airline industry will also generate more revenue than ever.

According to the IATA survey, the global airline industry revenue is expected to gross almost USD 1 trillion this year, increase of USD 158 billion from 2019.

With 2024 bringing a remarkable rebound in global airline traffic, the market projections for the following years have become even more optimistic, says the report.

IATA expects world airline passengers to grow by an average of 3.8 pc per year over the next two decades, resulting in over 4 billion new travellers by 2043.

Reports say that Asia Pacific will lead the growth among the regions, with an average 5.3 pc annual increase and over 2.7 billion new passengers in this period.

According to the report, the region’s GDP is expected to increase by 65 pc over the coming 20 years, causing the number of trips per capita to almost triple.

As a result, nearly half of global passenger traffic in 2043 will originate or depart from Asia-Pacific, up from 34 pc last year.

Statistics show that the European and North American markets will grow much slower, adding roughly 650 million new passengers in the next 20 years.