Passenger and cargo air travel demand has continued to grow around the world, with passenger load factors reaching record highs in the summer according to growth data released by the International Air Transport Association (IATA).
Global passenger demand was up 8.6% year-on-year in August 2024, primarily driven by growth in international air travel numbers, according to IATA, with the load factor also reaching a record industry high of 86.2%, up 1.6% on 2023.
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IATA director general Willie Walsh said: “The market for air travel is hot and airlines are doing a great job at meeting the growing demand for travel.
“Efficiency gains have driven load factors to record highs while the 6.5% capacity increase demonstrates resilience in the face of persistent supply chain issues and infrastructure deficiencies.”
As highlighted by Walsh, the gains come despite widespread supply chain troubles hitting the industry, with major airlines including Air New Zealand and Air India citing aircraft and parts shortages affecting their growth and fleet upgrade plans.
In the cargo market, growth is also reaching record levels with demand up 11.4% year-on-year and now in its ninth straight month of double-digit increases reaching levels similar to those seen at its last peak in 2021.
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By GlobalDataCapacity is also at an all-time high with available cargo tonne-kilometres up 6.2% year-on-year, largely driven by international growth connected to the passenger market.
IATA’s data continues the positive growth trends seen in the industry and aligns with projections made by major companies such as Boeing, which recently predicted a 77% increase in the global freighter fleet over the next two decades in its Commercial Market Outlook.
Walsh said: “Even with record levels of capacity, yields are up 11.7% on 2023, 2% on the previous month, and 46% above pre-pandemic levels.
“This strong performance is underpinned by slow but steady growth in global trade, booming e-commerce, and continuing capacity constraints on maritime shipping.”
