"Global Airlines Revenue to Surpass 1,400 Trillion Won Next Year"

Next year, the global aviation industry's revenue is expected to surpass $1 trillion (approximately 1,400 trillion KRW) for the first time in history.

The International Air Transport Association (IATA) announced on the 10th (local time) that the aviation industry's revenue will increase from $964 billion (forecast) this year to $1.07 trillion next year.

Although passenger aircraft deliveries by manufacturers Boeing and Airbus continue to be delayed, the explosive travel demand following the end of the COVID-19 pandemic is sustaining growth.

The aviation industry's net profit is expected to rise from $31.5 billion this year to $36.6 billion next year. The number of air passengers next year is projected to reach a record high of 5.2 billion.

IATA stated that while air travel demand is normalizing after the COVID-19 pandemic, the industry will continue to face pressure from a shortage of passenger aircraft supply through next year.

Since the COVID-19 pandemic, airlines have struggled to secure new passenger aircraft due to disrupted parts supply chains and production setbacks of the main model 737 MAX caused by Boeing accidents and strikes.

Additionally, IATA pointed out that uncertainties related to the wars occurring in the Middle East and Ukraine could become variables affecting the aviation industry.

Meanwhile, IATA said that the inauguration of the second Trump administration next year is expected to have a positive impact on the industry overall. They anticipate that the Trump administration will introduce aviation-friendly policies such as deregulation of mergers and acquisitions (M&A) and shale gas drilling.

Willie Walsh, IATA Director General, stated, “He (President-elect Trump) may reverse regulations implemented during the Biden administration.”