Historic high of 4.7 billion people expected to travel by air in 2024: Iata

Airlines are expected to see higher demand for air travel in 2024, with 4.7 billion people forecast to travel.

- Esther Loi

This will be a historic high and about 4 per cent more than the 4.5 billion people who flew in 2019 before Covid-19 pandemic wreaked havoc on air travel.

Releasing these projections on Dec 6 at its global media day in Geneva, Switzerland, the International Air Transport Association (Iata) noted that the aviation industry is projected to reach a net profit of US$25.7 billion (S$34.4 billion) in 2024 as it continues recovering from major losses incurred during the pandemic.

Iata is a trade association representing 320 airlines that collectively make up 83 per cent of global air traffic.

The industry body forecast that the net profitability of airlines will largely stabilise in 2024, but will continue lagging behind the cost of capital on a global level.

The aviation industry's revenues are expected to rise 7.6 per cent to a record US$964 billion in 2024, from a better-than-expected US$896 billion in 2023. This will be faster than the 6.9 per cent growth in expenses in 2024 totalling US$914 billion, said lata.