AFRAA reports African airlines are poised for a strong 2024, with a projected 15% increase in passenger traffic.
“The aviation industry experienced a dynamic start to 2024, grappling with a multitude of challenges and opportunities.”
Despite ongoing post-pandemic hurdles, African carriers are sustaining their recovery momentum, driven by a resurgence in passenger demand.
“The airline sector sustained its recovery momentum this year, witnessing a resurgence in passenger demand.”
This growth signals a promising outlook for African airlines
AFRAA: Africa’s available seats up 6% to 15.9 million in May 2024, driven by new routes and frequencies.
“Africa witnessed a 6% increase in available seats, rising from 15.1 million in May 2023 to 15.9 million in May 2024, attributed to by the introduction of new routes and increased flight frequencies. During the same period, ASKs (Available Seat Kilometers) surpassed May 2023 levels by 12%.”
African carriers hold significant market share, with 48.7% of international capacity and 35.4% of intercontinental capacity.
African airlines dominate regional routes (51.3%), but trail on long-haul routes (35.4%). Despite this, connectivity within Africa has improved significantly, with major hubs like Addis Ababa, Nairobi, Abidjan, and Lome seeing a notable increase in connections.
“Intra-Africa connectivity surged across regions, with major hubs such as Addis Ababa, Nairobi, Abidjan, and Lome witnessing a notable uptick in connectivity.”
African airlines’ revenue soars 26% to $1.74 billion in March 2024, up from $1.39 billion in March 2023.
“African airlines are experiencing enhanced revenue performance, following the growth in traffic. AFRAA’s estimate shows operating revenue for March 2024 at US$1.74 billion, a significant increase from US$1.39 billion in March 2023, marking a 26% growth.”
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Global jet fuel prices remain volatile, but dropped 0.7% to $99.85/bbl as of May 24, 2024.
“The global average jet A1 price ended the week of 24th May 2024 down 0.7% at $99.85/bbl.”
