The US air transport output has experienced notable fluctuations over the past decade. From 2013 to 2019, the sector generally saw a growth trend, peaking in 2019 at approximately $234.68 billion. The COVID-19 pandemic triggered a substantial decline in 2020, with output dropping by 55.56%. However, a strong recovery began in 2021, culminating in a value of $243.79 billion in 2023. This marks a significant year-on-year increase of 14.73%. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 stood at 2.35%. Future forecasted data indicates a steady but slower growth with a 5-year CAGR of 1.43%, reaching $266.75 billion by 2028.
Future trends to watch for include the impacts of technological advancements, increased environmental regulations, and changes in global travel patterns. The adoption of sustainable fuel alternatives and improvements in air traffic management could also play a crucial role in shaping the industry's growth trajectory.