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ACI forecasts doubling of global passenger numbers by 2042

Created on 21.02.2024 10:29

The global air passenger demand is likely to double over the next 20 years, from 9.2 billion passengers in 2019 to about 19 billion in 2040 with Asia-Pacific and the Middle East accounting for 58% of the volumes, a report said.
APAC and Middle East volumes are expected to increase at an average rate of 4.5% per annum vs 2.8% for other regions, according to the ACI Asia-Pacific’s Airport Industry Outlook, a quarterly assessment of the airports’ performances.
This necessitates an investment totalling $2.4 trillion for Asia-Pacific and the Middle East airports until 2040 to accommodate this growth. Asia-Pacific accounts for 54% amounting to $1.3 trillion and the Middle East requires 6% amounting to $151 billion.
Failure to invest in airport capacity comes at a significant cost. For each 1 million annual passengers foregone due to lack of airport capacity in 2040, an average of 10,500 jobs are lost and annual GDP is $346 million lower.
As travel restrictions are lifted, the post-Covid traffic recovery continues to benefit from pent-up demand, but the ongoing conflict in Ukraine, high fuel prices, rising inflationary pressures, lower economic growth expectations, and the looming recession are casting a shadow on the overall recovery of the industry, said the Airport Industry Outlook for Quarter 3 2022 (July to September), developed in partnership with Mott MacDonald.
“The consistent improvement in passenger volumes in the region is a positive indication of a sustained recovery of the industry following prolonged efforts towards rebuilding passenger confidence in air travel,” said Stefano Baronci, Director General, ACI Asia-Pacific.
“Restoring international connectivity will take longer and will be partly dependent on the decision of China to re-connect to the World. The macro-economic headwinds, less acute in Asia than other western regions, should not hamper a process of growth, subject to continue to maintain the freedom to travel without restrictions. All the stakeholders engaged in the aviation ecosystem must prepare to the surge in traffic.”

 

 

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