Despite an unstable global geopolitical situation and mixed economic signals in many markets last year, the biggest air gateways did relatively well. According to association Airport Council International World, traffic across the Top 10 grew year-over-year by between 3.3% and 41%. However, compared to pre-COVID 2019, there remain some stragglers.

In mid-April, ACI World offered a ‘first look’ at the 2024 rankings of the world’s busiest airports, indicating some good passenger growth (see chart below). The association’s Director General, Justin Erbacci, said: “Amid global challenges, the resilience of the world’s busiest airports shines. These hubs are vital arteries of trade, commerce, and connectivity (and) drive global economic, social, and cultural progress.”

Shining the most was China’s Shanghai Pudong (PVG) where traffic soared by 41% to 76.8 million, propelling the airport into tenth place from 21^st in 2023. PVG was the only airport in the Top 10 to see double-digit growth as both domestic and international travel in China increased and aircraft movements shot up by over 20% at Pudong. The next closest gateway for passenger growth was Tokyo Haneda (HND) at 9.1%.

Versus pre-pandemic 2019, the picture is more nuanced. Certain hubs have recovered extraordinarily well; Istanbul (IST), for instance, is 53% ahead, while Denver (DEN) and Dallas/Fort Worth (DFW) are 19% and 17% above 2019. But other American airports are still lagging behind. Atlanta (ATL), the world’s busiest airport, is 2.2% down on 2019, and eighth-placed Chicago (ORD) is down 5.4%.

While ATL has retained its pole position, ORD has dropped from sixth place in 2019 to eighth last year. These drops and the rise of DFW and DEN (the latter was far off the Top 10 pre-pandemic) indicate the dynamism and competitive nature of the American market.

Positive Drivers for Cargo

From a cargo perspective, China has dominance. Hong Kong International (HKG) and PVG now rank one and two, pushing Memphis (MEM) down to third place as the airport struggles to get back to pre-COVID volumes. Serving one of China’s biggest manufacturing regions, Guangzhou (CAN) also entered the Top 10 in ninth place.

The increase in cargo has been helped by strong e-commerce demand,  shipping disruptions in the Red Sea, and falling jet fuel prices. This was despite ongoing supply chain challenges and production delays from aircraft manufacturers.

Total air cargo volumes are estimated by ACI World to have increased by 8.4% year-over-year, and 3.9% ahead of 2019, to over 124 million metric tonnes last year. The Top 10 cargo airports represent just over a quarter (32.3 million metric tonnes) of global volumes but grew faster than average in 2024 at 9.3%, so their importance is increasing.

Whether China will retain its leading cargo positions in the light of Trump’s tariffs and an ensuing trade war is uncertain. Global growth has been downgraded by the IMF, though the organization says it will be the United States that will be hurt most.

The Picture in 2025

Despite the tariff picture and travel decisions by some to pull back from the U.S., ACI World forecasts that in 2025, global passenger traffic will reach 9.9 billion, with a 4.8% year-over-year growth rate, from close to 9.5 billion last year.

The association said: “While passenger demand remains strong, the pace of expansion is expected to slow as markets shift from recovery-driven surges to structural, long-term growth patterns. As the industry moves into a new era of growth, the airport industry must focus on financial viability, investment in infrastructure, operational efficiency, and sustainability.”