An Overview of Global Air Cargo Performance in 2024
The International Air Transport Association (IATA) reported a significant increase in global air cargo demand for the year 2024. With a robust 11.3% growth in cargo tonne-kilometers (CTKs) compared to the previous year, the industry witnessed record-breaking performances. This surge was primarily driven by a 12.2% increase in international air freight volumes, indicating a recovery and expansion phase post-COVID-19 disruptions.
Alongside the increase in cargo volumes, there was a notable rise in air cargo capacity. The full-year capacity, measured in available cargo tonne-kilometers (ACTKs), ascended by 7.4% from 2023, with international operations climbing by 9.6%. Despite the increased capacity leading to a slight decrease in air cargo yields by 1.6 percentage points from the previous year, the yields remained substantially higher, about 39% above the levels of 2019.
Detailed Regional Performance Breakdown
The regional analysis of air cargo markets reveals varied growth dynamics. The Asia-Pacific region led with a stellar 14.5% increase in demand, supported by a 11.3% increase in capacity. In contrast, North American carriers reported the lowest growth among all regions at 6.6%, with a modest 3.4% rise in capacity.
European carriers also showed strong performance with an 11.2% growth in demand and a 7.8% increase in capacity. The Middle East followed closely with a 13% rise in demand. Remarkably, Latin American carriers saw a 12.6% increase in demand, the highest in December 2024 among all regions, indicating a significant market recovery.
However, African airlines displayed modest growth with an 8.5% increase in demand, yet faced a capacity increase of 13.6%, suggesting potential underutilization of available cargo space.
Outlook for 2025
Looking towards 2025, IATA forecasts a moderation in growth to 5.8%, aligning more closely with historical trends. This projection considers the influence of economic fundamentals such as declining oil prices and consistent growth in trade. However, the industry is expected to face challenges due to geopolitical shifts, including policy changes such as the use of tariffs, which could impact global trade dynamics and consequently, air cargo operations.
The anticipated increase in e-commerce across the US and Europe, coupled with ongoing capacity constraints in ocean shipping, suggests a continuing demand for air cargo services. Yet, the sector must navigate the complexities of inflationary pressures and trade volume fluctuations induced by international policy adjustments.