Global air cargo demand in 2024 exceeds record volumes set in 2021

Full year global air cargo demand for 2024, measured in cargo tonne-kilometers (CTK), increased 11.3 percent (12.2 percent for international operations) compared to 2023.

"2024 demand exceeded the record volumes set in 2021," says the latest update from the International Air Transport Association (IATA).

"Full year capacity in 2024, measured in available cargo tonne-kilometers (ACTK), increased by 7.4 percent compared to 2023 (9.6 percent for international operations). Full year yields averaged 1.6 percent lower than 2023 but 39 percent higher than in 2019."

For December 2024, demand increased 6.1 percent year-on-year (seven percent for international operations), capacity was 3.7 percent higher (5.2 percent for international operations) and yields were 6.6 percent higher (53.4 percent higher than in December 2019), the update added.

Willie Walsh, Director General, IATA. Video Credit: IATA/LinkedIn

"Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before," says Willie Walsh, Director General, IATA. "Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022, they averaged 39 percent higher than 2019.

IATA estimates growth to moderate to 5.8 percent in 2025, aligned with historical performance. “Economic fundamentals point to another good year for air cargo - with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo - boosting inflation and deflating trade,” says Walsh.

Regional performance
African airlines saw 8.5 percent year-on-year demand growth and capacity increased by 13.6 percent year-on-year.

Asia-Pacific airlines saw 14.5 percent YoY demand growth in 2024, the strongest among the regions. Capacity increased by 11.3 percent.

North American carriers saw 6.6 percent YoY demand growth in 2024, the lowest of all regions. Capacity increased by 3.4 percent year-on-year.

European carriers saw 11.2 percent YoY demand growth and capacity increased by 7.8 percent year-on-year.

Middle Eastern carriers saw 13 percent year-on-year demand growth and capacity increased by 5.5 percent YoY.

Latin American carriers saw 12.6 percent YoY demand growth while capacity increased by 7.9 percent year-on-year.

Trade lanes
International routes experienced exceptional traffic levels for the 17th consecutive month with a seven percent year-on-year increase in December. Airlines are benefiting from rising e-commerce demand in the U.S. and Europe amid ongoing capacity limits in ocean shipping, the update added.

Africa-Asia lane saw demand decline four percent in December with a market share of 1.40 percent.

Asia-North America reported eight percent YoY growth, 14 months of consecutive growth.

Within Asia, the lane reported 11 percent YoY growth, 14 months of consecutive growth.