Market News

By Abdullateef Aliyu

The International Air Transport Association (IATA) released 2024 full-year and December 2024 passenger market performance showing record high demand.

Total full-year traffic in 2024 (measured in revenue passenger kilometers or RPKs) rose 10.4% compared to 2023. This was 3.8% above pre-pandemic (2019) levels. Total capacity, measured in available seat kilometers (ASK), was up 8.7% in 2024. The overall load factor reached 83.5%, a record for full-year traffic.

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According to the highlight, African airlines’ annual traffic rose 13.2% in 2024 versus the prior year. Full year 2024 capacity was up 9.5% and load factor climbed 2.5 percentage points to 74.5%, the lowest among regions but a record high for Africa. December 2024 traffic for African airlines rose 12.4% over December 2023.

International full-year traffic in 2024 increased 13.6% compared to 2023, and capacity rose 12.8% while domestic full-year traffic for 2024 rose 5.7% compared to the prior year, while capacity expanded by 2.5%.

December 2024 was a strong finish to the year with overall demand rising 8.6% year-on-year, and capacity grew by 5.6%. International demand rose by 10.6% and domestic demand by 5.5%. The December load factor reached 84%, a record for the month.

“2024 made it absolutely clear that people want to travel. With 10.4% demand growth, travel reached record numbers domestically and internationally. Airlines met that strong demand with record efficiency. On average, 83.5% of all seats on offer were filled—a new record high, partially attributable to the supply chain constraints that limited capacity growth. Aviation growth reverberates across societies and economies at all levels through jobs, market development, trade, innovation, exploration, and much more,” said Willie Walsh, IATA’s Director General.

“Looking to 2025, there is every indication that demand for travel will continue to grow, albeit at a moderated pace of 8.0% that is more aligned with historical averages. The desire to partake in the freedom that flying makes possible brings some challenges into sharp focus.

“First, the tragic accident in Washington last night reminds us that safety needs our continuous efforts. Our thoughts are with all those affected. We will never cease our work to make aviation ever safer.”