Key Market Indicators
Latvian airline revenue is projected to climb to approximately $705 million by 2028, up from around $600 million in 2023. This growth represents an average annual increase of 2.6%. The Latvian market has seen steady progress since 2013, with an average yearly rise of 1.7%. In 2023, Latvia ranked 22nd globally, with Romania slightly ahead at the same revenue figure. Leading the rankings were Germany, Ireland, and Russia, respectively occupying the second, third, and fourth spots. In terms of air passenger traffic, Latvia is expected to see significant growth, reaching roughly 6.7 million passengers by 2028. This is an increase from around 5.5 million passengers in 2023, reflecting an average annual growth rate of 3.2%. Since 1997, Latvian air travel demand has surged by an average of 6.2% per year. In 2023, Latvia stood 59th in global rankings, just behind Sri Lanka with a similar passenger count. Dominating the top spots were China, India, and Ireland, ranked second, third, and fourth, respectively.
