From 2013 to 2019, the production volumes of air transport in the US grew consistently year-on-year, with marginal declines only in 2020 due to the disruption caused by the COVID-19 pandemic. In 2021, production volumes began to recover, seeing a notable rise in 2022, and plateauing in 2023 at approximately 234.35 Billion US Dollars. The average annual growth over the last five years reflects a modest CAGR of 1.78%.
Forecasted data from 2024 to 2028 suggests a gradual upward trend with an expected CAGR of 1.15%, indicating a steady but slow growth in production volumes, reaching around 251.12 Billion US Dollars by 2028. This amounts to an overall growth rate of 5.87% over the next five years.
Future trends to watch for include:
- Technological advancements in air transport may drive further efficiencies and growth.
- Resurgence in travel demand as the global economy stabilizes post-pandemic.
- Environmental regulations potentially impacting operational capacities and costs.
