Key Market Indicators
Latvian airline revenue is projected to soar to approximately $705 million by 2028, up from $600 million in 2023, marking a compound annual growth rate (CAGR) of 2.6%. The Latvian market has seen a steady increase of 1.7% year on year since 2013. In 2023, Latvia ranked 22nd globally, with Romania surpassing it at $600 million. Germany, Ireland, and Russia claimed the second, third, and fourth spots, respectively. In terms of air passenger traffic, Latvia is expected to reach around 6.74 million passengers by 2028, up from 5.49 million in 2023, reflecting an average annual growth rate of 3.2%. Since 1997, Latvian demand has risen by an impressive 6.2% year on year. In 2023, Latvia ranked 59th, with Sri Lanka overtaking it with 5.49 million passengers. China, India, and Ireland occupied the second, third, and fourth positions in this ranking, respectively.
