Avolon said China’s reopening would drive growth in Asia, adding: “For every two seats of airline capacity added in the world today, one is in Asia.” Avolon predicts a global 2023 profit for the industry of $4.7 billion as recovery continues, compared to a $138 billion loss in 2020.

Avolon’s Climb to Cruise report said: “Aviation has survived a pandemic-driven two-thirds fall in demand. Now it is ready to thrive.” Avolon estimates there are an extra 87 million airline seats available globally now compared with a year ago, with 24% more in Europe and an extra 46% in Asia.

However, the Dublin-based leasing giant noted capacity issues across the industry. It said: “Air traffic remains down 25%, yet revenues are within 13% of 2019 levels as airlines flex their pricing power in a supply-constrained environment. Demand for travel is no longer limiting the recovery; the ability to put capacity into the air is the issue.”

The report also predicted a wave of consolidation, noting more than 100 new airlines had sprung up in the pandemic. It added: “Start-ups without competitive niches will be forced to exit while incumbents are rapidly repaying government loans, enabling acquisitions again.”

Meanwhile, Eurocontrol, which oversees Europe’s airways, has detailed how 2022 saw 9.3 million flights, 83% of 2019 traffic. Ryanair was the top operator, with 2,536 daily flights, up 9% on 2019. Next was easyJet with 1,335 a day, down 20%.

All Europe’s top 10 operators apart from Ryanair and Wizz Air (+14%) saw significant falls in the number of daily departures, with British Airways and Lufthansa both down 29%.

Eurocontrol added: “Low-cost carriers have been the big recovery success story of 2022, consistently outperforming (at 85% of 2019 overall) the mainline (75%) and regional (74%) sectors, with the segment closing the year with a market share of 32.3%, just behind mainline carriers (32.4%).”

London’s two main hubs remained among Europe’s top 10 airports in 2022. Heathrow was in fifth place despite a 20% drop in departures and arrivals compared with 2019. Gatwick (-24%) secured 10th spot, having finished 2021 in 47th place.

The league was topped by Istanbul, followed by Amsterdam and Paris Charles de Gaulle.