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Parallel I/O is an effective method to optimize data movement between memory and storage for many scientific applications. Poor performance of traditional disk-based file systems has led to the design of I/O libraries which take advantage of faster memory layers, such as on-node memory, present in high-performance computing (HPC) systems. By allowing caching and prefetching of data for applications alternating computation and I/O phases, a faster memory layer also provides opportunities for hiding the latency of I/O phases by overlapping them with computation phases, a technique called asynchronous I/O. Since asynchronous parallel I/O in HPC systems is still in the initial stages of development, there hasn't been a systematic study of the factors affecting its performance.In this paper, we perform a systematic study of various factors affecting the performance and efficacy of asynchronous I/O, we develop a performance model to estimate the aggregate I/O bandwidth achievable by iterative applications using synchronous and asynchronous I/O based on past observations, and we evaluate the performance of the recently developed asynchronous I/O feature of a parallel I/O library (HDF5) using benchmarks and real-world science applications. Our study covers parallel file systems on two large-scale HPC systems: Summit and Cori, the former with a GPFS storage and the latter with a Lustre parallel file system.