The internal tourism expenditure on air passenger transport services in the US has shown substantial fluctuations over the past decade. From 2013 to 2019, the sector experienced steady growth, with a notable increase in 2018 at 12.28%. The impact of COVID-19 in 2020 caused a sharp decline of 57.07%, but recovery was evident with a 58.94% rise in 2021, followed by continuous growth through 2023, reaching $295.54 billion. The forecast for 2024-2028 predicts a stable Compound Annual Growth Rate (CAGR) of 2.22%, suggesting moderate but consistent growth in the coming years.
- 2013: 4.02% YoY growth, 3.86% CAGR
- 2014: 6.01% YoY growth, 8.58% CAGR
- 2015: 3.41% YoY growth, 6.85% CAGR
- 2016: -2.37% YoY growth, 2.67% CAGR
- 2017: 4.72% YoY growth, 3.12% CAGR
- 2018: 12.28% YoY growth, 4.70% CAGR
- 2019: 8.08% YoY growth, 5.11% CAGR
- 2020: -57.07% YoY decline, -11.84% CAGR
- 2021: 58.94% YoY growth, -2.81% CAGR
- 2022: 28.1% YoY growth, 1.19% CAGR
- 2023: 16.5% YoY growth, 1.94% CAGR
- 2028: Forecasted 2.22% CAGR, 11.63% growth over 5 years
Future trends to watch for include potential impacts of global economic conditions, fluctuating fuel prices, advancements in airline technology, and evolving consumer travel preferences. Environmental regulations and sustainability initiatives could also significantly shape the market landscape.
