by Megan Lohden

Three years post-pandemic the airline industry has fully recovered from the worst crisis in its history, according to the latest International Air Transport Association (IATA) analysis.

In addition, IATA reported the sector is on its way to reaching a new record in revenue and scheduled flight numbers.

The industry body’s latest data shows total traffic surpassed 2019 numbers in February of this year and has continued to grow ever since.

According to AltIndex.com, the airline industry is set to reach nearly five billion scheduled flights and almost one trillion in revenue this year. The highest figures the market has ever seen and 400 million more than before the pandemic.

The pandemic caused a 60% drop in global passenger numbers and a 70% drop in revenue in its early days, devastating the aviation industry. Even so, IATA reports, the demand worldwide for flights has come back stronger than ever.

Aside from reaching a record number of passengers, the airline industry will generate more revenue than ever.

According to an IATA survey, the global airline industry revenue is expected to gross almost $1 trillion this year, a massive $158 billion increase.

With 2024’s remarkable numbers in global airline traffic, the market projections for the years to come are optimistic. IATA expects world airline passengers to grow by an average of 3.8% per year over the next two decades.

Statistics show that Asia Pacific will lead the growth among the regions, while Europe and North American markets will grow much slower.

Nonetheless, AltIndex.com stats predict over four billion new passengers in the next two decades.