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.”

1148 views