Intra-African passenger traffic to quadruple in 20 years
1 min Read September 18, 2023 at 11:11 AM UTC
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Highlights
- US aero maker giant Boeing projects that intra-African passenger traffic will more than quadruple in the next twenty years, placing the continent’s growth among the highest globally. To support this, 1,025 new airplanes will be needed over the next two decades.
- Overall African air traffic growth is forecast at 7.4%, the third highest region and above the global average growth of 6.1%.
- Boeing included the data as part of its 2023 Commercial Market Outlook (CMO), the company’s long-term assessment of global demand for commercial airplanes and services.
Source: Boeing CMO
Our Takeaway
African aviation traffic has witnessed a robust resurgence, driven by growing demand and bolstered by the economic upturn fueled by rising global commodity prices. Presently, African airline operations are operating 8% higher than their pre-pandemic levels. The continent’s economic growth rate of 3.4%, surpassing the global average, coupled with the escalating rates of urbanization and a burgeoning middle-class populace, are expected to remain key drivers for sustained long-term demand for aviation in Africa. Moreover, initiatives like the African Continental Free Trade Area and the Single African Air Transport Market are anticipated to further boost trade and enhance intra-regional connectivity.
This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.
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