The production in the passenger air transport sector in Belgium demonstrated fluctuations over the past decade. In 2023, the sector stood at 3.63 billion euros, marking an impressive year-on-year growth of 20.11%. This follows the post-pandemic recovery period, wherein 2022 saw a significant jump of 34.36% after the severe dip in 2020 due to COVID-19's impact.
Looking at a longer view, the sector experienced an 8.81% CAGR from 2018 to 2023, highlighting resilience and growth. Moving forward, from 2024 to 2028, the sector is forecasted to grow steadily, with a predicted CAGR of 3.27% and a cumulative growth rate of 17.46% over the five years.
Future trends to watch for include the influence of evolving fuel efficiency technologies, the impact of sustainability regulations, and shifts in consumer travel preferences. These factors could significantly shape the passenger air transport industry and its growth trajectory in Belgium.
