Airports worldwide are experiencing a strong rebound in passenger traffic numbers, but their financial recovery is lagging.
According to the latest data from Airports Council International (ACI) World, passenger traffic in 2023 was just 5.4% below 2019 levels.
However, airport revenues remain 11.4% lower than pre-pandemic figures. This gap highlights the economic challenges airports face as they work to recover and prepare for future growth.
The 2023 ACI World Airport Economics Report provides a detailed look at the financial and economic performance of over 1,060 airports globally.
These airports represent 82% of global passenger traffic before the pandemic, offering a clear picture of the industry’s recovery.
Key Financial Insights for 2023
In 2023, global airport revenues reached $146 billion, a 21.4% increase from 2022. Despite this growth, revenues are still $12.6 billion short of the $158.6 billion recorded in 2019. The report breaks down revenue into two main categories: aeronautical and non-aeronautical.
Aeronautical revenues, which come from services like landing fees and passenger charges, totaled $79 billion in 2023. This figure is 14% below 2019 levels but remains the largest revenue source, accounting for 53.6% of total income—nearly unchanged from 54% in 2019.
Non-aeronautical revenues, generated from commercial activities like retail and parking, reached $54 billion. However, this is 17% below 2019, and its share of total revenue dropped from 40.2% in 2019 to 36.7% in 2023.
Rising costs are adding pressure. Capital costs increased by 4% from 2022, reaching $40 billion, driven by an 18% surge in interest expenses tied to airport debt.
While the debt-to-EBITDA ratio improved to 5.74:1 in 2023, it remains higher than pre-pandemic levels, signaling ongoing financial strain.
Infrastructure Needs for Future Growth
The financial challenges come at a critical time. ACI World projects global passenger numbers will soar to 17.7 billion by 2043. This will rise to 22.3 billion by 2053—nearly 2.4 times the expected 2024 volume.
To meet this demand, airports will require significant infrastructure upgrades. ACI estimates $2.4 trillion in capital investments will be needed by 2040 to support airport development.
These investments are vital for maintaining a sustainable aviation system. Airports play a key role in driving economic growth, creating jobs, and supporting regional development.
Without adequate funding, they may struggle to accommodate future travel demand, which could limit these benefits.
Looking Ahead
ACI World Director General Justin Erbacci emphasized the need for action. “Passenger traffic is rebounding, but airport revenues are still behind. With air travel demand set to grow rapidly, regulators must adopt flexible policies to support infrastructure investments. This will ensure aviation’s sustainable growth and maximize its social and economic benefits,” he said.
On a global level, airports are at a crossroads. While passenger traffic numbers are nearing pre-pandemic levels, financial recovery remains uneven.
Strategic investments and supportive policies will be crucial to help airports meet future demand and continue driving economic and social progress.
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