New Data Reveals Increases In Air Cargo And Passenger Demand. Also: Empowering Smaller Airlines

Welcome back! This week we analyze new data for air cargo and air passenger markets which show passenger demand was up 8.1% in November 2024, while air cargo demand saw a 16th consecutive month of growth. And keep scrolling for an Airlines magazine interview with Jasmin Bajic, which covers a lot of ground. Let’s get to it.

Air Cargo Demand Up 8.2% In November 2024 – 16th Month Of Consecutive Growth

New data for November 2024 global air cargo markets revealed:

Total demand, measured in cargo tonne-kilometers (CTK), rose by 8.2% compared to November 2023 levels (9.5% for international operations) for a 16th consecutive month of growth.
Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 4.6% compared to November 2023 (6.5% for international operations).

As for regional performance in November:

Asia-Pacific airlines saw 13.2% year-on-year demand growth for air cargo in November, the strongest growth among the regions. Capacity increased by 9.4% year-on-year.
North American carriers saw 6.9% year-on-year demand growth for air cargo in November. Capacity increased by 2.2% year-on-year.
European carriers saw 5.6% year-on-year demand growth for air cargo in November. Capacity increased 4.3% year-on-year.
Middle Eastern carriers saw 3.6% year-on-year demand growth for air cargo in November. Capacity decreased by 0.6% year-on-year.
Latin American carriers saw 11.6% year-on-year demand growth for air cargo in November. Capacity increased 6.4% year-on-year.
African airlines saw a 0.7% year-on-year decrease in demand for air cargo in November, the slowest among regions. Capacity increased by 0.4% year-on-year.

Passenger Demand Up 8.1% In November

Meanwhile, data for November 2024 global passenger demand had the following highlights:

Total demand, measured in revenue passenger kilometers (RPK), was up 8.1% compared to November 2023. Total capacity, measured in available seat kilometers (ASK), was up 5.7% year-on-year. The November load factor was 83.4% (+1.9 ppt compared to November 2023), an all-time high for November.
International demand rose 11.6% compared to November 2023. Capacity was up 8.6% year-on-year, and the load factor was 83.4% (+2.3 ppt compared to November 2023). Strong performance by carriers in Europe and Asia-Pacific drove this double-digit expansion in demand.
Domestic demand rose 3.1% compared to November 2023. Capacity was up 1.5% year-on-year and the load factor was 83.5% (+1.2 ppt compared to November 2023).

Willie Walsh, IATA’s Director General:

“November was another month of strong growth in the demand for air travel with an overall expansion of 8.1%. The month was also another reminder of the supply chain issues that are preventing airlines from getting the aircraft they need to meet growing demand. Capacity growth is lagging demand by 2.4 ppts and load factors are at record levels. Airlines are missing out on opportunities to better serve customers, modernize their products and improve their environmental performance because aircraft are not being delivered on time. The 2025 New Year’s resolution for the aerospace manufacturing sector must be finding a fast and durable solution for their supply chain issues.”