Markets
When Will Air Travel Return to Pre-Pandemic Levels?
When Will Air Travel Return to Pre-Pandemic Levels?
Many industries were hit hard by the global pandemic, but it can be argued that air travel suffered one of the most severe blows.
The aviation industry as a whole suffered an estimated $370 billion loss in global revenue because of COVID-19. And while air travel has been slowly recovering from the trough, flight passenger traffic has yet to fully bounce back.
Where is the industry at in 2022 compared to pre-COVID times, and when is air passenger travel expected to return to regular levels? This graphic by Julie R. Peasley uses data from IATA to show current and projected air passenger ridership.
Air Travel Traffic: 2021 and 2022
After an incredibly difficult 2020, the airline industry started to see significant improvements in travel frequency. But compared to pre-pandemic levels, there’s a lot of ground to cover.
In 2021, overall passenger numbers only reached 47% of 2019 levels. This influx was largely driven by domestic travel, with international passenger numbers only reaching 27% of pre-COVID levels.
Passenger numbers (% of 2019) | 2021 | 2022 |
---|---|---|
International | 27% | 69% |
Domestic | 61% | 93% |
Africa | 46% | 76% |
Asia Pacific | 40% | 68% |
Caribbean | 44% | 72% |
Central America | 72% | 96% |
Europe | 40% | 86% |
Middle East | 42% | 81% |
North America | 56% | 94% |
South America | 51% | 88% |
Industry-wide | 47% | 83% |
From a regional perspective, Central America experienced one of the fastest recoveries. In 2021, overall passenger numbers in the region had reached 72% of 2019 levels, and they are projected to reach 96% by the end of 2022.
In fact, the Americas as a whole has seen a quick recovery. Both North America and South America also reached above 50% of 2019 ridership in 2021, and are projected to reach 94% and 88% ridership in 2022, respectively.
On the opposite end of the spectrum, Asia Pacific has experienced the slowest recovery. This is likely due to stricter lockdowns and travel restrictions put into effect in this region (which was harder hit by SARS in 2003), especially in places like Shanghai.
Forecasting Traffic in 2023 and Beyond
While recovery has looked different from region to region, airlines are largely expected to see a full recovery to their ridership levels by 2025.
Forecasted Passengers (% of 2019) | 2023 | 2024 | 2025 |
---|---|---|---|
International | 82% | 92% | 101% |
Domestic | 103% | 111% | 118% |
Africa | 85% | 93% | 101% |
Asia Pacific | 84% | 97% | 109% |
Caribbean | 82% | 92% | 101% |
Central America | 102% | 109% | 115% |
Europe | 96% | 105% | 111% |
Middle East | 90% | 98% | 105% |
North America | 102% | 107% | 112% |
South America | 97% | 103% | 108% |
Industry-wide | 94% | 103% | 111% |
This recovery is a signifier of a much broader mindset shift, as governments continue to reassess their COVID-19 management strategies.
But while the future seems promising, IATA stressed that the forecast does not take into account the potential impact of the Russia-Ukraine conflict and other geopolitical concerns, which could have far-reaching consequences on the global economy (and travel) in the coming years.
This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Markets
Ranked: The World’s 50 Most Profitable Companies in 2024
From tech giants to energy giants, the world’s most profitable companies in the world generate profits greater than some countries’ GDPs.
The Most Profitable Companies in the World in 2024
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
From Big Tech to energy giants, a select group of corporate titans continues to dominate the financial landscape, generating profits that dwarf the GDPs of some nations.
This graphic visualizes the world’s 50 most profitable companies in 2024, based on data from Fortune. Rankings include public and private companies that report financial data.
Figures represent corporate profits after tax, extraordinary credits, and noncontrolling interests for company fiscal years ended on or before March 31, 2024.
What was the Most Profitable Company in the World in 2024?
Below, we show the top 50 most profitable companies in the world, according to Fortune.
Rank | Company | Profits ($B) | Sector |
---|---|---|---|
1 | Saudi Aramco | 120.7 | Energy |
2 | Apple | 97 | Technology |
3 | Berkshire Hathaway | 96.2 | Financials |
4 | Alphabet | 73.8 | Technology |
5 | Microsoft | 72.4 | Technology |
6 | Industrial & Commercial Bank of China | 51.4 | Financials |
7 | JPMorgan Chase | 49.6 | Financials |
8 | China Construction Bank | 47.0 | Financials |
9 | Meta Platforms | 39.1 | Technology |
10 | Agricultural Bank of China | 38.0 | Financials |
11 | Exxon Mobil | 36.0 | Energy |
12 | Johnson & Johnson | 35.2 | Health Care |
13 | Toyota Motor | 34.2 | Motor Vehicles & Parts |
14 | Bank of China | 32.8 | Financials |
15 | Amazon | 30.4 | Retailing |
16 | Nvidia | 29.8 | Technology |
17 | UBS Group | 27.8 | Financials |
18 | Taiwan Semiconductor Manufacturing | 27.4 | Technology |
19 | Bank of America | 26.5 | Financials |
20 | Petrobras | 24.9 | Energy |
21 | HSBC Holdings | 23.5 | Financials |
22 | UnitedHealth Group | 22.4 | Health Care |
23 | TotalEnergies | 21.4 | Energy |
24 | Chevron | 21.4 | Energy |
25 | China National Petroleum | 21.3 | Energy |
26 | China Merchants Bank | 20.7 | Financials |
27 | Stellantis | 20.1 | Motor Vehicles & Parts |
28 | Shell | 19.4 | Energy |
29 | Deutsche Telekom | 19.2 | Telecommunications |
30 | Wells Fargo | 19.1 | Financials |
31 | Volkswagen | 17.9 | Motor Vehicles & Parts |
32 | Sberbank | 17.7 | Financials |
33 | Fannie Mae | 17.4 | Financials |
34 | Visa | 17.3 | Financials |
35 | Petronas | 16.3 | Energy |
36 | Tencent Holdings | 16.3 | Technology |
37 | Walmart | 15.5 | Retailing |
38 | Mercedes-Benz Group | 15.4 | Motor Vehicles & Parts |
39 | Comcast | 15.4 | Telecommunications |
40 | China Mobile Communications | 15.3 | Telecommunications |
41 | BP | 15.2 | Energy |
42 | Home Depot | 15.1 | Retailing |
43 | Tesla | 15.0 | Motor Vehicles & Parts |
44 | Rosneft Oil | 14.9 | Energy |
45 | Novartis | 14.9 | Health Care |
46 | Procter & Gamble | 14.7 | Household Products |
47 | China National Offshore Oil | 14.6 | Energy |
48 | AT&T | 14.4 | Telecommunications |
49 | Broadcom | 14.1 | Technology |
50 | Lukoil | 13.6 | Energy |
Saudi Aramco was the world’s most profitable company in 2024, recording $120.7 billion in profits last year.
The national oil company of Saudi Arabia was also the sixth-largest company in the world by market capitalization and the most valuable non-U.S. company, as of January 2025.
With the largest proven oil reserves globally, Saudi Aramco’s production costs are $3 a barrel—a fraction of Western oil producers—leading it to generate more profits than any other company in the world.
Coming in at second is Apple, fueled by its high-margin services arm and iPhone sales, generating $97 billion in profits. Warren Buffett’s conglomerate holding company Berkshire Hathaway came in at third, with $96.2 billion in profits.
Berkshire Hathaway also joined the $1 trillion market cap club this August, among the ranks of tech giants like Apple, Microsoft, and Nvidia.
Across the top 50 most profitable companies, 14 are in the financial industry, followed by 12 in energy, and eight in technology.
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