Airline Industry Set for Record Passenger Numbers and Profits in 2024

Despite the recovery, airlines' net profit margin remains low, with environmental concerns persisting.

Airlines are expected to carry a record 4.7 billion passengers in 2024, exceeding the pre-pandemic level of 4.5 billion in 2019.
The International Air Transport Association (IATA) forecasts airlines to post $25.7 billion in net profits in 2024, a significant increase from the $9.8 billion forecast in June.
Despite the recovery, the industry's net profit margin of 2.7% is considered low compared to other industries, with airlines retaining just $5.45 for every passenger carried.
Recovery rates vary by region, with US, European and Middle Eastern carriers expected to continue posting profits in 2024, while African and South American carriers are expected to remain in the red.
The airline industry is expected to use 374 billion litres of fuel in 2024, contributing 939 million tonnes of CO2 into the atmosphere, despite efforts to shift to sustainable aviation fuels.