The Airport Economics Report by Airports Council International (ACI) has revealed that the continued recovery in manufacturing and global trade, alongside a rise in business confidence, has fostered confidence, investment and growth in airports across the world.
This stability has reinforced the value of the industry for investment and increased competition continues to shape the industry and its capacity to generate revenues. The report has found aeronautical revenue generated from airport charges per passenger in real terms has remained stable – in the realm of US$10 per passenger.
The report also found that it is undeniable that future growth in air transport demand will come from emerging and developing economies, predominantly from the Asia-Pacific region. In 2016, airports located in emerging and developing economies occupied 45% of global passenger traffic across the world’s airports. By 2040, this share is expected to increase to 62%. By that time, passenger throughput at airports in emerging and developing economies will have 1.6 times the passenger traffic of airports in advanced economies.
Angela Gittens, Director General, ACI World, said: “Airports are essential to the economic development of cities, countries, and regions and the continued recovery in manufacturing and global trade alongside the rise in business confidence has fostered growth in passengers and cargo across the world.
“Since 2010, global passenger traffic has been growing at an average rate of 5.5% annually which is testament to the resilience of the industry.
“While there are predictions of looming challenges on the horizon – including inflationary pressures and a protectionist threat in some major economies – passenger traffic has, remained on an upward trajectory across the globe at airports in responding to demand in both advanced and emerging economies.
“To keep pace with this demand, however, airports must be able to invest, improve and grow. Charges and non-aeronautical revenues are major sources of funds for airports to invest in infrastructure and service improvements. Disproportionate efforts to restrict or regulate this should be avoided, especially considering airport charges have remained both stable and reasonable in response to the strong competitive pressures that now shape the airport industry.”
The Airport Economics Report and the Airport Key Performance Indicators for the 2016 fiscal year are derived from comprehensive data from a sample of more than 900 commercial airports. The publication is a concise snapshot of selected drivers of the world’s airport industry. It provides a comprehensive in-depth analysis of the financial and economic performance, on both the aeronautical and non-aeronautical (commercial) sides of the business.