Solid Growth in Passenger Demand Continued in October
The International Air Transport Association (IATA) released data for October 2024 global passenger demand with the following highlights:
- Total demand, measured in revenue passenger kilometers (RPK), was up 7.1% compared to October 2023. Total capacity, measured in available seat kilometers (ASK), was up 6.1% year-on-year. The October load factor was 83.9% (+0.8ppt compared to October 2023).
- International demand rose 9.5% compared to October 2023. Capacity was up 8.6% year-on-year and the load factor rose to 83.5% (+0.6ppt compared to October 2023).
- Domestic demand rose 3.5% compared to October 2023. Capacity was up 2.0% year-on-year and the load factor was 84.5% (+1.2ppt compared to October 2023).
“Continued strong and stable demand is good news, but just as important is the steady improvement in load factors. It shows what a great job the industry is doing in flying people more efficiently.
Average seat factors have risen from around 67% in the 1990’s to over 83% today. Politicians thinking of trying to tax passengers off planes to reduce emissions would do well to note this. Even if fewer people fly because taxes make it too expensive, it doesn’t automatically mean reduced emissions because the planes will still fly, just with fewer passengers. That would reverse decades hard won progress. We need to see the planes full to generate the economic and social benefits of travel with the most minimal emissions possible,” said Willie Walsh, IATA’s director general.
Regional Breakdown - International Passenger Markets
All regions showed growth for international passenger markets in October 2024 compared to October 2023. Europe had the highest load factors, and Africa showed a sharp increase, but the Americas and the Middle East suffered falls.
Asia-Pacific airlines achieved a 17.5% year-on-year increase in demand. Capacity increased 17.2% year-on-year and the load factor was 82.9% (+0.3ppt compared to October 2023).
European carriers had an 8.7% year-on-year increase in demand. Capacity increased 7.3% year-on-year, and the load factor was 85.7% (+1.1ppt compared to October 2023).
Middle Eastern carriers saw a 2.2% year-on-year increase in demand. Capacity increased 2.5% year-on-year and the load factor was 80.2% (-0.2ppt compared to October 2023).
North American carriers saw a 3.2% year-on-year increase in demand. Capacity increased 2.9% year-on-year, and the load factor was 84.2% (+0.3ppt compared to October 2023).
Latin American airlines saw a 10.9% year-on-year increase in demand. Capacity climbed 11.6% year-on-year. The load factor was 85.3% (-0.6ppt compared to October 2023).
African airlines saw a 10.4% year-on-year increase in demand. Capacity was up 5.3% year-on-year. The load factor rose to 73.2% (+3.4ppt compared to October 2023).
Domestic Markets
The US showed a surprise slight decline, while all other key domestic markets showed stable growth. Fast-growing Chinese domestic demand is being met with increased use of wide-body aircraft.
