Key Market Indicators
Icelander Airline Revenue is projected to reach approximately $1.6 billion by 2028, up from $1.5 billion in 2023. This marks an average annual growth rate of 1.8%. However, since 2013, the Icelandic market has experienced an average annual decline of 2.8%. In 2023, Iceland ranked 16th in terms of airline revenue, with Sweden surpassing it at $1.5 billion. Germany, Ireland, and Russia were the second, third, and fourth highest in the rankings, respectively. In terms of air passenger traffic, Iceland saw significant growth in 2021, with 1.5 million passengers, up 66% from nearly 904,000 in 2020. Despite this increase, passenger demand has seen a long-term decline, down 23.5% annually since 1975. As of 2021, Iceland ranked 90th globally in air passenger traffic, with Libya overtaking it with 1.5 million passengers. China, India, and Ireland held the second, third, and fourth positions in this category, respectively.
