Airports Council International (ACI) World has released its latest airport industry economic and financial performance data, revealing a significant gap between the recovery of passenger traffic and total airport revenues. While passenger traffic nearly returned to pre-pandemic levels in 2023—just 5.4% below 2019—airport revenues lagged further behind, falling short by 11.4%.
The latest ACI World Airport Economics Report examines the economic and financial performance of airports for the 2023 fiscal year, drawing data from over 1,060 airports worldwide. These airports account for 82% of global pre-pandemic passenger traffic, providing a comprehensive overview of the sector’s recovery.
Key global highlights
- Total revenues: In 2023, global airport revenues reached US$146 billion, a 21.4% increase from 2022. However, this is still 11.4% lower than the US$158.6 billion reported in 2019, pre-pandemic.
- Aeronautical and non-aeronautical revenues: Aeronautical revenues remained the primary source of total airport revenues in 2023, reaching US$79 billion (14% below 2019), with a virtually unchanged share of 53.6% compared to 54.0% in 2019. Meanwhile, non-aeronautical (commercial) revenues—a vital component of airport financial sustainability— stood at US$54 billion (17% below 2019) and saw a slight decline, from 40.2% in 2019 to 36.7% in 2023.
- Capital costs rose by 4% from 2022 and exceeded pre-pandemic figures by 1%, reaching US$40 billion. This increase was driven mainly by an 18% increase in interest expenses, reflecting the ongoing financial strain from airport debt.
- Debt-to-EBITDA ratio: The debt-to-EBITDA ratio improved to 5.74:1 in 2023, indicating progress in managing debt. However, this ratio remains elevated compared to pre-pandemic levels, underscoring ongoing financial challenges.
The weakened financial health of airports creates significant challenges for infrastructure development needed to meet future travel demand. According to ACI World, global passenger numbers are expected to rise to 17.7 billion by 2043 and 22.3 billion by 2053—almost 2.4 times the projected volume for 2024. To address the long-term growth in passenger demand, an estimated US$2.4 trillion in total capital investment will be needed by 2040 for airport infrastructure.
These investments are essential to maintain a sustainable aviation ecosystem that maximises the social and economic benefits of air travel, including job creation and regional development.
“While passenger traffic has rebounded, airport revenues continue to lag behind, underscoring ongoing financial challenges. With air travel demand expected to soar in the coming decades, it is crucial that regulators implement flexible policies to support airport infrastructure investments—ensuring aviation’s sustainable growth and maximising its social and economic benefits,” said ACI World Director General Justin Erbacci.
Incheon International Airport ranked 3rd globally in pax traffic
Incheon International Airport (IIAC) has announced a historic milestone as the airport secured the third position globally in international passenger traffic for 2024, according to the latest Airports Council International(ACI) report. With 70,669,246 international passengers recorded last year, this achievement marks the highest ranking in the airport’s history since its opening in 2001.
The airport’s previous best ranking was fifth, recorded in both 2018 and 2019. Supported by a sharp increase in passenger numbers, Incheon Airport rose two places in six years to reach third place. In addition to passenger traffic, Incheon International Airport also claimed the third position globally in air cargo operations, handling 906,067 tons in 2024, a 7.4% increase compared to the previous year(2,706,943 tons).
Following the completion of Phase 4 expansion last year, Incheon Airport now boasts infrastructure capable of accommodating 106 million international passengers annually, making it the third-largest airport globally in terms of capacity. With this trifecta of achievements across infrastructure, passenger traffic, and cargo operations, Incheon International Airport has firmly established its position among the “Global Top 3 Airports.”
According to the 2024 World Airport Traffic Report published by ACI, the international passenger traffic rankings are as follows:
- Dubai International Airport (92,331,506 passengers)
- Heathrow Airport (79,194,330 passengers)
- Incheon International Airport (70,669,246 passengers)
- Changi Airport (67,063,000 passengers)
- Schiphol Airport (66,822,849 passengers)
Notably, Incheon International Airport demonstrated the most impressive growth rate among the top five international airports, with a 26.7% increase in international passenger traffic compared to 2023. This growth rate significantly outpaced its competitors: Dubai (6.1%), Heathrow (5.7%), Changi (14.8%), and Schiphol (8.0%). The 2024 passenger count also surpassed Incheon’s previous record of 70,578,050 passengers set in 2019 by 0.1%, establishing a new all-time high since the airport’s opening.
IIAC attributes this achievement to several key factors, including increased passenger volumes during the summer peak season and holiday periods, rising demand for short-haul travel influenced by the weakening yen and a strong won-dollar exchange rate, and the expansion of the airport’s network infrastructure, which now includes a record 98 airlines in operation.
Particularly strong growth was observed in regional traffic, with passenger numbers increasing by 31% for Japan, 93% for China, and 37% for Northeast Asia compared to 2023. Building on this momentum, IIAC projects that Incheon Airport’s international passenger volume will reach between approximately 73.03 million and 76.64 million in 2025.
Hag-Jae Lee, President and CEO of IIAC stated that “With Incheon Airport now firmly established as a Global Top 3 airport in infrastructure, passenger traffic, and cargo handling, we will accelerate efforts to strengthen future airport competitiveness, including leading a digital transformation and developing an aviation AI innovation hub, to maintain a sustainable edge in the next generation of global competition.”
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