A record number of passengers during the peak travel season of summer has helped the aviation industry fly past the pre-Covid-19 total till September this year. At the current rate of growth, not only will FY24 breach pre-Covid-19 levels, it will even become the best year ever for the sector.
By the end of September, the total number of passengers recorded at the 132 operational airports across the country stood at 183.27 million. While this was 22% higher than the 150 million clocked in the same period last year, and 8% higher than the 170 million clocked in FY20.
According to data shared by the Airports Authority of India (AAI), while the domestic passenger count so far in FY24 at 150.33 million has gone past the previous peak for the same period, international passenger numbers at 32.93 million are still lower.
India already has the third largest domestic aviation market in the world with just six national airlines and four regional carriers.
During FY23, the industry fell short of the FY19 peak. But the robust load factors (average occupancy of seats in an aircraft) seen during this year’s summer season, which stayed north of 90% for a few months, led to high passenger numbers.
The growth has come despite there being 100 aircraft grounded for want of service and spare parts or due to ongoing litigation. However, the total number of aircraft movements this year till September end was 3% higher at 1.3 million than the pre-Covid-19 peak of 1.27 million.
The growth trajectory is expected to remain unchanged for the rest of the year looking at the winter schedule unveiled by the Directorate General of Civil Aviation.
The number of departures per week (domestic) during the winter schedule which kicks off from October 29, is 8% higher than the winter schedule of last year or 825 more departures. It is also 4% higher than the summer schedule of the year too which started on March 26.
This schedule indicates the maximum number of flights airlines can operate during the period and the actual number may be very different. The growth comes on the back of exit of Go First and constrained operations of SpiceJet.
“The collapse of schedule for Go First and shrinking of SpiceJet have been covered by IndiGo and Air India. Both Indigo/Tata’s Air India group could see departures higher by 13-14% as against the summer schedule,” said Jefferies in a recent report released on October 24.
SOARING HIGH
By September end, a total of 183.27 million passengers was recorded at India’s 132 operational airports
This was 22% higher than the 150 million clocked in the same period last year
It was also 8% higher than the 170 million clocked in FY20
At the current rate of growth, FY24 could breach pre-Covid-19 levels and even be the best year ever for the sector