(MENAFN) The International Air Transport Association (IATA) has released its latest data for the global air travel sector, revealing significant growth trends for the month of March 2024. According to the report, total travel demand, as measured by passenger revenue per kilometer, surged by 13.8 percent compared to the same period last year. This substantial increase in demand was accompanied by a corresponding rise in total capacity, which saw a year-on-year growth of 12.3 percent, indicating a buoyant market environment for airlines worldwide. Moreover, the load factor for March remained robust at 82 percent, marking a notable improvement of 1.0 percentage points compared to March 2023.
On a global scale, travel demand soared by 18.9 percent in March 2024 compared to the previous year, underscoring the resilience of the air travel industry despite ongoing challenges. This surge in demand was matched by an 18.8 percent year-on-year increase in capacity, reflecting airlines' efforts to meet the growing needs of passengers. Additionally, the load factor improved to 81.6 percent, edging up by 0.1 percentage points compared to March 2023, further highlighting the sector's steady recovery.
In terms of domestic travel, the report indicates a notable uptick in demand, with a 6.6 percent increase compared to March 2023. This surge in domestic travel was complemented by a 3.4 percent year-on-year expansion in capacity, as airlines responded to heightened demand within their home markets. Notably, the load factor for domestic flights remained stable at 82.6 percent, marking a significant improvement of 2.5 percentage points compared to March 2023, indicative of strong demand dynamics and efficient capacity utilization.
Overall, the IATA data paints a positive picture of the global air travel sector for March 2024, with robust growth in both international and domestic markets. These trends underscore the resilience of the aviation industry in the face of evolving challenges and highlight the ongoing recovery as passenger confidence gradually returns.
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