Market Trends of north america commercial aviation Industry
The increase in demand from domestic travelers is driving the market
- North America has long been a hub for air travel. With a vast landmass and diverse destinations, millions of passengers choose to fly domestically and internationally. Factors such as a growing economy, increased affordability of air travel, and a rising middle class have all contributed to a significant uptick in air passenger traffic. The air passenger traffic in the US reached 1.04 billion in 2022, up by 7% compared to 2021 and 12% compared to 2019.
- For the full year 2022, January through December, US airlines carried 853 million passengers, up from 658 million in 2021 and 388 million in 2020. The total number of passengers carried by airlines in Canada reached 107 million in 2022, surpassing the levels in 2021 by 6%. In 2022, Mexico had 100 million air passenger traffic, representing a 7% growth compared to its 2021 traffic levels. North America has benefitted from fewer and shorter-lasting travel restrictions than many other countries and regions. This has boosted domestic travel in a large home market, as well as international travel. Net profits for the region are expected to rise from USD 9.9 billion in 2022 to USD 11.4 billion in 2023.
- Additionally, to cater to the demand driven by air passenger traffic, various airlines in the region are planning to procure new aircraft. For instance, around one-third of global aircraft deliveries for 2023 are anticipated to be received by various carriers in North America. Although the region’s aircraft deliveries were already above 2019 levels last year, they are expected to grow by an additional 72 units this year. Overall, with consistent air travel, the region's air passenger traffic is expected to increase by 1.7 billion in 2030, compared to 1.2 billion recorded in 2022.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing cargo demand and opening of new routes are driving the market
- The demand for domestic travel in the United States witnessed significant growth
- Improving economic stability can aid in the growth of North America
- Inflation in the United States has not been this high since 1980
