Now that the aviation industry is thankfully well on the road to recovery following the massive disruption of the pandemic we are glad to be in the position of taking a look forward at future challenges rather than back, and anticipating what lies ahead this summer.
It has been encouraging to see various industry bodies making forecasts of a complete and sustainable recovery and a growth in air passenger demand in 2023.
From ICAO – Airlines are expected to return to operating profitability in the last quarter of 2023, after three consecutive years of losses. Air passenger demand in 2024 is expected to be stronger, at around 4% higher than 2019.
From IATA – A slightly more conservative prediction than ICAO but IATA expect industry-wide passenger traffic to recover to 2019 levels in 2024, then grow at an average rate of approximately 3% per annum over its forecast horizon. The recovery and near term growth of passenger traffic will vary across regions, with North America leading the way.
From ACI – Even with the huge surge in international travel, the recovery of the sector to pre-COVID-19 levels continues to be driven mainly by domestic travel, which is projected to recover to 2019 levels earlier than international passenger numbers. International travel is forecast to recover by 2025.
Thankfully it’s looking like there’s plenty of reasons to be optimistic as the aviation industry moves through 2023, not least that it is expected to finally reach a profit in 2023 for the first time since the pandemic.
In the next blog in this series we will cover what this long awaited recovery means for your operation and how to deal with some of the challenges you may face this summer.
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For more information about how we can assist you with any of your challenges in 2023, contact us today.