Navigating global uncertainty
2024 saw global passenger growth face significant uncertainties that stemmed from evolving economic and geopolitical landscapes. Ongoing supply chain challenges and production delays from aircraft manufacturers, as well as geopolitical tensions, posed a risk to growth opportunities by potentially altering flight routes, increasing operational costs, and affecting passenger sentiment. Additionally, the threat of tariffs raised concerns about potential disruptions to global trade, which indirectly affected international travel demand and increased constructions.
In 2025, global passenger traffic is forecast to reach 9.9 billion with a 4.8% year-over-year growth rate. While passenger demand remains strong, the pace of expansion is expected to slow as markets shift from recovery-driven surges to structural, long-term growth patterns.
Key challenges such as economic uncertainty, geopolitical tensions, and capacity constraints are expected to increasingly shape the industry’s trajectory. In advanced markets, demand stabilization, supply chain bottlenecks in aircraft production and airport capacity shortage may temper growth, while in emerging markets, higher infrastructure investment and rising middle-class travel demand will likely continue to drive expansion. As the industry moves into a new era of growth, the airport industry must focus on financial viability, investment in infrastructure, operational efficiency, and sustainability.
Cargo traffic highlights
- Air cargo volumes are estimated to have increased by 8.4% year-over-year (+3.9% versus 2019), to over 124 million metric tonnes in 2024.
- Air cargo volumes in the top 10 airports–representing close to 26% (32.3 million metric tonnes) of the global volumes in 2024—gained 9.3% in 2024 year-over-year or a gain of 9.5% vis-à-vis their 2019 results (29.5 million tonnes in 2019). Air cargo traffic is more concentrated amongst the main airports.
- The increase in cargo is attributed mainly to strong e-commerce demand, maritime shipping disruptions, and declines in jet fuel prices.
- Hong Kong International Airport remained the top rank, followed by Shanghai Pudong International Airport and Memphis International Airport.
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