Sector developments
Global passenger traffic reports positive growth rates again
The global air transport industry saw significant increases in passenger traffic again in 2025 and a resulting further increase in sales. Greater demand for flights, especially to holiday destinations, prompted a further expansion of capacity in global passenger traffic. Nevertheless, capacities were lower than in the previous year. At the same time, the ongoing delays in the delivery of new aircraft are preventing the passenger airlines from achieving a disproportionately strong increase in capacity. This is having a stabilising impact on the yield trend. Increasing demand was covered partly by higher passenger load factors. Growing macroeconomic uncertainty over the course of the year, particularly driven by the political developments in the USA, temporarily curbed demand for travel. Worldwide geopolitical tensions caused airspace to be closed in some cases and had an adverse impact on capacity. Demand was largely unaffected by the international conflicts, however, and proved to be relatively resilient.
Total sales worldwide (revenue passenger-kilometres) in the reporting year increased by 5% on the previous year according to figures published by the International Air Transport Association (IATA) (previous year: 11%). Airlines from the Africa region registered the strongest growth of 9% (previous year: 13%). In the same period, airlines from Europe posted a 5% increase (previous year: 9%).
Yields in global passenger traffic were down 0.9% in the 2025 financial year according to IATA (previous year: decline of 4.2%).
| T016 | Sales performance in the airline industry | ||
|---|---|---|---|
| in % compared with previous year | Passenger-kilometres | Cargo tonne-kilometres | |
| Europe | 5 | 3 | |
| North America | 0 | -1 | |
| Central and South America | 7 | 2 | |
| Asia/Pacific | 8 | 8 | |
| Middle East | 7 | 0 | |
| Africa | 9 | 6 | |
| Global | 5 | 3 | |
| Source: IATA Air Passenger/Air Freight Market Analysis (12/2025). | |||
Global airfreight traffic also reports positive growth
The global market for airfreight also continued to develop positively in the 2025 financial year, supported by the ongoing boom in online sales, driven in particular by e-commerce providers from Asia. Capacity bottlenecks in global shipping also led to higher demand for airfreight. According to IATA, global airfreight volumes (measured in revenue cargo tonne-kilometres) were up 3% year-on-year in 2025 (previous year: 11%). European providers saw an increase of 3% (previous year: 11%). The seasonality that is characteristic of the airfreight industry, and makes the fourth quarter by far the strongest in terms of revenue, was less pronounced in 2025 because some shipments were brought forward in the year to avoid impending new customs restrictions. The most recent US tariffs did not have a lasting impact on airfreight demand, but did cause a structural realignment of global supply patterns.
Yields in global airfreight traffic decreased by 0.5% year-on-year according to estimates by IATA (previous year: decrease of 2.0%), due to greater belly capacities for freight in passenger aircraft and the weak global macroeconomic performance.
Global airline industry expects earnings to increase
The global airline industry expects a year-on-year rise in earnings to new record levels in 2025, despite the increase in geopolitical tensions and trade wars. IATA predicts that the industry will realise a net profit of USD 40bn for the 2025 financial year (previous year: USD 28bn). This earnings performance is buoyed not only by higher demand, but also by lower fuel prices. The positive outlook is overshadowed by ongoing problems in supply chains, however, which are leading to delays in the planned increases in new aircraft production.
On a regional basis, the highest profits for the first time in more than a decade are expected for European airlines at USD 13bn (previous year: USD 9bn). North American airlines are forecast to generate net profits of USD 11bn (previous year: USD 11bn).
| T017 | Earnings development in the airline industry | ||
|---|---|---|---|
| in USD bn | 20251) | 2024 | |
| Europe | 13 | 9 | |
| North America | 11 | 11 | |
| Central and South America | 3 | 0 | |
| Asia/Pacific | 6 | 3 | |
| Middle East | 7 | 6 | |
| Africa | 0 | 0 | |
| Industry | 40 | 28 | |
| 1) Forecast. Source: IATA Industry Statistics (12/2025). | |||
Continued significant growth in MRO market
The aircraft maintenance, repair and overhaul (MRO) business once again performed well in 2025. The strong level of demand for flights prompted a further rise in demand for MRO services.
The advisory company ICF predicted that the market for MRO services (excluding embargo countries) will grow by 7% year-on-year in 2025 to USD 147bn (previous year: USD 137bn). MRO demand of USD 55bn is attributable to the EMEA region (Europe, Middle East and Africa) (previous year: USD 51bn), USD 41bn to the Americas region (previous year: USD 40bn) and USD 51bn to the APAC region (Asia/Pacific) (previous year: USD 47bn). The latter is becoming further established as the largest future market for MRO services.