In March 2024, the International Air Transport Association (IATA) unveiled its latest findings on global passenger demand, showcasing the following key points:

• Revenue passenger kilometers (RPKs) surged by 13.8% compared to March 2023, while available seat kilometers (ASK) increased by 12.3% year-over-year. March’s load factor reached 82.0%, marking a 1.0 percentage point rise from March 2023.
• International demand experienced a notable uptick of 18.9% from March 2023 levels, with capacity rising by 18.8% year-on-year. The load factor for international flights reached 81.6%, showing a slight increase of 0.1 percentage points compared to March 2023.
• Domestic demand saw a solid growth of 6.6% compared to March 2023, accompanied by a 3.4% year-on-year increase in capacity. The load factor for domestic flights stood at 82.6%, reflecting a significant rise of 2.5 percentage points compared to March 2023.

“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. 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,” said Willie Walsh, IATA’s Director General.

Air Passenger Market Overview – March 2024

March 2024
(% Year-on-Year) Market Share RPK (Revenue Passenger Kilometers) ASK (Available Seat Kilometers) PLF (% Change) PLF (Level)
Total Market 100% 13.8% 12.3% 1.0% 82.0%
Africa 2.1% 10.0% 12.3% -1.5% 72.1%
Asia Pacific 31.7% 24.2% 17.9% 4.3% 83.5%
Europe 27.1% 10.6% 10.2% 0.3% 80.9%
Latin America 5.5% 10.9% 8.8% 1.5% 83.1%
Middle East 9.4% 10.5% 13.6% -2.1% 77.5%
North America 24.2% 6.3% 7.6% -1.0% 83.7%
1% of industry RPKs in 2023

International Passenger Markets by Region
All regions experienced robust growth in international passenger markets in March 2024 compared to the same period in 2023. However, load factor performance varied, declining year-on-year in three out of six regions.

Asia-Pacific airlines led the global market with a remarkable 38.5% year-on-year surge in demand. Capacity rose by 37.4% year-on-year, resulting in a load factor increase to 85.6% (+0.7ppt compared to March 2023), the highest among all regions. Notably, major routes from Asia-Pacific exhibited significant growth, although scheduled air services from China to North America remained at only 16.5% of pre-pandemic levels.

European carriers observed an 11.6% year-on-year increase in demand, with capacity up by 11.4% year-on-year. However, the load factor showed minimal growth, reaching 79.9% (up just 0.1ppt compared to March 2023).

Middle Eastern airlines experienced a 10.8% year-on-year rise in demand, accompanied by a 13.9% year-on-year increase in capacity. Despite this, the load factor declined by -2.1ppt to 77.5% compared to March 2023.

North American carriers saw a notable 14.5% year-on-year increase in demand, with capacity rising by 14.8% year-on-year. However, the load factor decreased to 84.7% (-0.2ppt compared to March 2023).

Latin American airlines witnessed a substantial 19.7% year-on-year surge in demand, with capacity climbing by 18.3% year-on-year. The load factor rose to 84.3% (+0.9ppt compared to March 2023).

African airlines experienced an 8.1% year-on-year growth in demand, coupled with an 11.0% year-on-year increase in capacity. However, the load factor fell to 70.3% (-1.9ppt compared to March 2023).

Domestic Markets
Domestic demand exhibited slower growth in March, returning to typical pre-pandemic rates. China remained the leading market with a 17.6% increase compared to March 2023. Most other markets showed stable growth, except for Australia, possibly reflecting the broader economic slowdown in the country.

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