The air transport sector in Belgium demonstrated significant volatility from 2013 to 2023, with turnover peaking at 5.03 billion Euros in 2019 and dipping sharply amid the COVID-19 pandemic to 2.68 billion Euros in 2020. By 2023, the sector stood at 4.4 billion Euros, recovering appreciably with a 12.38% year-on-year increase. The last two years showed robust recovery trends, with a positive shift in turnover, with a CAGR of 4.57% over the past five years.
Looking ahead, from 2024 to 2028, the forecasted data indicates a steadier growth trajectory with moderate year-on-year increases, culminating in a projected turnover of 4.8 billion Euros by 2028. The forecasted 5-year CAGR is 1.36%, reflecting cautious optimism.
Future trends to watch for:
- Impact of sustainable aviation fuel adoption on operational costs and turnover.
- Technological advancements in air traffic management and their influence on efficiency.
- Potential regulatory changes within the EU affecting air transport policies and economic viability.
- Geopolitical factors impacting international travel dynamics and routes.
