The International Air Transport Association (IATA) last week released global passenger demand data for March 2024, showing that total demand, measured in revenue passenger kilometers (RPKs), maintained a positive trajectory in March and was up 13.8% compared to March 2023. Total capacity, measured in available seat kilometers (ASK), was up 12.3% year-on-year. The March load factor was 82.0% (+1.0ppt 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% compared to March 2023; capacity was up 3.4% year-on-year and the load factor was 82.6% (+2.5ppt compared to March 2023).
International Passenger Markets
All regions showed strong growth for international passenger markets in March 2024 compared to March 2023. Load factor performance was patchy, however, falling year-on-year in three of the six regions.
Asia-Pacific airlines continue to lead the way, with a 38.5% year-on-year increase in demand. Capacity increased 37.4% year-on-year and the load factor rose to 85.6% (+0.7ppt compared to March 2023), the highest among all regions.
Major routes from Asia-Pacific displayed 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% year-on-year increase in demand. Capacity increased 11.4% year-on-year.
Middle Eastern airlines saw a 10.8% year-on-year increase in demand. Capacity increased 13.9% year-on-year.
North American carriers saw a 14.5% year-on-year increase in demand. Capacity increased 14.8% year-on-year.
Latin American airlines saw a 19.7% year-on-year increase in demand. Capacity climbed 18.3% year-on-year.
African airlines saw an 8.1% year-on-year increase in demand. Capacity was up 11.0% year-on-year.
Domestic markets
Domestic demand increased at a slower pace of 6.6% YoY in March, moderating to typical pre-pandemic growth rates. Prior to the pandemic, domestic traffic growth was in the range of 5 to 7%. All monitored markets have seen similar developments, while exper-iencing persistent growth, reports IATA.
China (+17.6% compared to March 2023) continued to be the leading market.
Japan domestic RPK rose 3.3% YoY. The country had experienced a general economic slow-down over the second half of 2023.
India passenger traffic continue to climb at a stable rate, increasing 3.8% YoY.
Australia experienced a significant drop in annual growth rate from the month prior, from 14.0% in February to 1.8% YoY in March respectively. The country saw deterioration in economic conditions from January to March 2024, a development that could partly explain the decrease in RPK in comparison to March 2023.
In the U.S., passenger traffic increased by 2.6% over the year while the seasonally adjusted figures remained broadly in line with the positive trend the country has seen over the last three years.
Brazil RPK grew by 1.6% YoY, climbing 0.6% MoM in seasonally adjusted terms.
