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Airport passenger traffic nears pre-pandemic levels while revenue recovery lags

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Airport passenger traffic nears pre-pandemic levels while revenue recovery lags
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Justin Erbacci ACI World Director General | ACI World

As of 2023, Airports Council International (ACI) reported that global airport passenger numbers had almost returned to pre-pandemic levels, while revenues continued to lag. Passenger traffic reached 94.6% of 2019 levels, but revenues only recovered to 88.6%.

The industry's financial challenges are exacerbated by the need for significant investment in infrastructure as passenger numbers are projected to climb to 17.7 billion by 2043. Despite passenger traffic exceeding pre-pandemic levels in 2024, financial health remains strained.

On April 28, ACI released its World Airport Economics report highlighting economic and financial performance for 2023. The data, collected from over 1,060 airports representing 82% of global pre-pandemic traffic, revealed worldwide airport revenues at $146 billion—21.4% higher than in 2022 but 11.4% lower than in 2019. In contrast, passenger traffic reached nearly pre-pandemic levels, underscoring financial challenges as passenger volumes grow.

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Justin Erbacci, ACI World Director General, noted, "While passenger traffic has rebounded, airport revenues continue to lag behind, underscoring ongoing financial challenges. With air travel demand expected to soar in the coming decades, it is crucial that regulators implement flexible policies to support airport infrastructure investments—ensuring aviation’s sustainable growth and maximizing its social and economic benefits."

The report revealed that airports primarily relied on aeronautical revenues in 2023, amounting to $79 billion or 53.6% of total revenue, slightly down from 54% in 2019 and 14% below 2019 levels. Non-aeronautical revenues reached $54 billion, 17% lower than 2019, making up 36.7% of total revenue compared to 40.2% in 2019.

Capital costs rose to $40 billion, marking a 4% increase from 2022 and 1% above pre-pandemic figures. An 18% rise in interest expenses contributed to financial strain, with the debt-EBITDA ratio improving to 5.74:1, although still high compared to pre-pandemic standings.

ACI World emphasized that the weakened financial health poses challenges for developing infrastructure necessary to meet rising demand, with passenger numbers expected to reach 17.7 billion by 2043 and 22.3 billion by 2053. A capital investment of $2.4 trillion is needed by 2040 to support this growth.

Global passenger numbers dropped to 3.6 billion in 2020, a 66% decrease due to the COVID-19 pandemic. As restrictions lifted, traffic rose to 6.7 billion in 2022 and 8.7 billion in 2023, nearly 95% of 2019 levels. Preliminary figures indicate 2024 traffic at nearly 9.5 billion, a 3.8% rise from 2019.

In 2025, global passenger traffic is expected to reach 9.9 billion, a 4.8% increase from the previous year. By 2030, numbers may exceed 12 billion, fueled by growth in Asia-Pacific and the Middle East markets, with a projected 244% increase by 2050, driven by emerging markets.

In 2023, the United States, China, India, and Spain were the largest passenger markets. By 2042, emerging markets like Indonesia and Thailand are anticipated to rank among the top 10, with the United States, China, India, and Indonesia among the largest by 2052.

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