Between 2013 and 2023, the production of air transport in the US has shown a consistent upward trend, starting at 185.71 billion USD in 2013 and reaching 253.4 billion USD in 2023. Despite fluctuations, including a temporary decrease in 2015 and 2020, the industry has demonstrated resilience and growth, highlighted by the significant increases in 2018, 2019, and 2022. The year-on-year growth rate varied widely, with notable peaks like 7.87% in 2019 and a more moderate increase of 2.32% in 2023. The overall Compound Annual Growth Rate (CAGR) from 2018 to 2023 stands at 3.12%.
Looking ahead from 2024 to 2028, the production of air transport is projected to continue its growth trajectory, albeit at a slower pace. Forecasts suggest a steady increase from 258.86 billion USD in 2024 to 282.73 billion USD in 2028, with a forecasted CAGR of 1.78% over this period and an overall growth rate of 9.22% in these five years.
Future trends to watch for include potential technological advancements, regulatory changes, sustainability initiatives, and economic factors that could impact the air transport industry. Additionally, evolving consumer preferences and shifts in global travel demand will be crucial determinants of future production levels.