The air transport industry in the US has experienced notable fluctuations over the past decade, moving from a low of 104.3 billion USD in 2020 to an expected high of 248.48 billion USD by 2024. After a sharp decline of -55.56% in 2020 due to the COVID-19 pandemic, the industry has been on a strong recovery path with a 64.8% increase in 2021 and a 23.63% boost in 2022. In 2023, the industry was valued at 243.79 billion USD, an uplift of 14.73% year-on-year. The compound annual growth rate (CAGR) from 2018 to 2023 is calculated at 2.35%, indicating moderate growth. The forecast over the next five years expects continued growth at a CAGR of 1.43%, reaching 266.75 billion USD by 2028.
Future trends to watch for:
- Expansion of major airline networks and increased investment in sustainable aviation fuel (SAF).
- Advancement in aviation technology including the adoption of electric aircrafts.
- Regulatory changes and their impacts on long-term growth.
- Shifts in consumer behavior and preferences post-pandemic, influencing demand patterns.
