Strong growth in air passenger demand in Asia Pacific
Initial data for the full calendar year 2014 released by the Association of Asia Pacific Airlines (AAPA) detailed strong growth in air passenger demand and air cargo business recovered after three consecutive years in decline.
The report says 256.1 million international passengers flew on Asia Pacific carriers in 2014, an annual increase of 4.8% from the previous year.
Average international passenger load factor was 77.0% for the year.
"Despite challenges, Asia Pacific airlines enjoyed a year of good growth in international passenger traffic in 2014. Passenger demand was healthy, underpinned by increasing numbers of middle income earners and further expansion in airline networks, which have all helped boost air travel within the region and beyond," said Andrew Herdman, AAPA Director General.
However passenger yields were stretched throughout the year, showing how highly competitive the market is with some routes suffering from overcapacity.
"The dramatic fall in oil prices since the end of the year has been welcomed by many airlines, although the resultant benefit in terms of improved profitability will vary depending on individual airline hedging policies and their degree of exposure to external debt, given the weaker Asian currencies." Herdman added.
"Overall, the outlook for the coming year remains broadly positive, with sustained growth in the global economy continuing to drive air travel demand."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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