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

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.