Aviation: International RPK Increases 18.9% Globally; Asia Pacific Airlines +38.5%

Dark/Light Mode (03/05/24)  IATA has reported that global demand, measured in revenue passenger kilometers (RPK), was up 13.8% in March 2024 when compared to the same month last year.

Total capacity, measured in available seat kilometers (ASK), was up 12.3% year-on-year, whilst the load factor was 82%, up 1% compared to March 2023.

International demand rose 18.9% compared to March 2023, capacity was up 18.8% year-on-year and the load factor improved to 81.6%, +0.1ppt on March 2023.

Domestic demand rose 6.6%, capacity was up 3.4% year-on-year and domestic load factor was 82.6%, +2.5ppt compared to March 2023.

Uzbekistan Airways Boeing 767 reg: UK67000. Picture by Steven Howard of TravelNewsAsia.com

“Demand for travel is strong. And there is every indication that this should continue into the peak northern summer travel season. It is critical that we have the capacity to meet this demand and ensure a hassle-free travel experience for passengers. That means making urgent progress to resolve supply chain issues and for airports and air traffic management to be fully staffed and operating at maximum efficiency,” said Willie Walsh, IATA’s Director General. “While airlines are prepared for customer care and assistance when operational issues arise, they are fed-up of bearing the cost when delays and cancellations are the result of poor preparation in other parts of the value chain.”

Asia-Pacific airlines continue to lead the way, with a 38.5% y-o-y increase in demand. Capacity increased 37.4% y-o-y and load factor rose to 85.6%, +0.7% compared to March 2023, the highest among all regions. Major routes from Asia-Pacific display outstanding growth, although the number of scheduled air services from China to North America is still only 16.5% of pre-pandemic levels.

European carriers saw an 11.6% y-o-y increase in demand. Capacity increased 11.4% y-o-y, and load factor was 79.9%, up just 0.1%compared to March 2023.

Middle Eastern airlines reported a 10.8% y-o-y increase in demand. Capacity increased 13.9% y-o-y and load factor fell -2.1ppt to 77.5% compared to March 2023.

North American carriers saw a 14.5% y-o-y increase in demand. Capacity increased 14.8% year-on-year, and the load factor fell to 84.7% (-0.2ppt compared to March 2023).

Latin American airlines saw a 19.7% year-on-year increase in demand. Capacity climbed 18.3% y-o-y and load factor rose to 84.3%, +0.9ppt compared to March 2023.

African airlines saw an 8.1% y-o-y increase in demand. Capacity was up 11% year-on-year, while the load factor fell to 70.3%, -1.9ppt compared to March 2023.

Domestic demand increased at a slower pace in March, moderating to typical pre-pandemic growth rates. China (+17.6% compared to March 2023) continued to be the leading market. Other markets showed stable growth with the exception of Australia. Its drop in growth may reflect the wider economic slowdown in Q1 in the country.

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