Airline Industry on Road to Recovery as IATA Publishes Positive Forecasts for 2022

The International Air Transport Association (IATA) has announced an upgrade to its outlook for the airline industry’s 2022 financial performance as the pace of recovery from the COVID-19 crisis quickens.

Industry losses are expected to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss). That is a huge improvement from losses of $137.7 billion in 2020 and $42.1 billion in 2021.

Strong pent-up demand, the lifting of travel restrictions in most markets, low unemployment in most countries, and expanded personal savings are fueling a resurgence in demand that will see passenger numbers reach 83% of pre-pandemic levels in 2022.

Cargo volumes are expected to set a record high of 68.4 million tonnes in 2022. Further, losses will be cut to $9.7 billion this year and IATA projects profitability to clock in in 2023.

Industry revenues are expected to reach $782 billion, 93.3% of 2019 levels.

Flights operated in 2022 are expected to total 33.8 million, which is 86.9% of 2019 levels (38.9 million flights).

Passenger revenues are expected to account for $498 billion of industry revenues, more than double the $239 billion generated in 2021. Scheduled passenger numbers are expected to reach 3.8 billion, with revenue passenger kilometers (RPKs) growing 97.6% compared with 2021, reaching 82.4% of 2019 traffic.

Cargo revenues are expected to account for $191 billion of industry revenues. That is down slightly from the $204 billion recorded in 2021, but nearly double the $100 billion achieved in 2019.

Overall, the industry is expected to carry over 68 million tonnes of cargo in 2022, which is a record high.

In Africa, lower vaccination rates have dampened the region’s air travel recovery to date. However, net losses are forecast to be $0.7 billion in 2022.

See Also:

Cargo Demand Increases 18.7% in 2021 – IATA

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
WP Twitter Auto Publish Powered By :