Investment and growth in airports globally has spiked as the economy recovers, according to Airports Council International (ACI) World’s Airport Economics Report.
Global passenger traffic has increased at an average annual rate of 5.5 percent since 2010 with 6.6 percent growth last year.
Revenue increased by 6 percent in 2016, surpassing $160 billion while operating expenses were 64.7 percent of total costs.
Aeronautical revenue generated from airport charges is $10 per passenger. Charges and non-aeronautical revenues are the main sources of funding for service improvements and infrastructure.
“Airports are essential to the economic development of cities, countries, and regions and the continued recovery in manufacturing and global trade alongside the rise in business confidence has fostered growth in passengers and cargo across the world,” Angela Gittens, director general of ACI World, said.
Airports in emerging and developing economies accounted for 45 percent of global passenger traffic in 2016. This share is forecasted to reach 62 percent by 2040, with most traffic coming from Asia-Pacific.
Also, by 2040, passenger throughput at airports in emerging and developing economies will be 1.6 times higher than at airports in developed economies.
ACI said tighter and more rigid economic regulations for airport charges are not needed.