North America aviation industry includes airline companies, airport managing companies, and aircraft manufacturing companies along with the companies involved in the management of the airport and aircraft. The factors that were fueling the growth of the market before the COVID-19 pandemic include the expected capacity growth owing to new aircraft deliveries, lowered operating costs, and grounding of older airplanes, and increased fuel-efficient aircraft. Additionally, increased economic activity and a growing global economy had provided the basis for the North American aviation industry to grow in recent years.
A full report of North America Aviation Market is available at: https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-north-america-aviation-industry
However, with the outbreak of COVID-19 since December 2019, the industry of North America Aviation has shown some discouraging results in the growth rate. The US has travel advisories or outright bans in order to restrict the spread of the virus. Also, the combination of trip cancellations and country-specific restrictions on international flights is costing the North American aviation industry with a sudden decrease in the revenue. By the end of March 2020, the US has registered the highest cases of COVID-19 that is more than 100,000. Moreover, Canada has also registered around 5,000 cases due to the pandemic. To prevent the further spreading of the virus the airline companies are suspending or canceling the domestic as well as international air services.
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North America Aviation industry report is segmented based on verticals into passenger airlines, cargo airlines, aircraft manufacturing companies, airports managing companies, and catering & other service providing companies. Almost all the segments of the North American aviation industry have experienced a downfall in revenue generation during the outbreak. Moreover, in the US, the lockdown situation is going on for a long period of time as per the government guidelines. Most of the aviation companies also had to cut down the workforce due to the cancelation of domestic as well as all international flight.
Key companies getting affected in the region include Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, and JetBlue. Aviation companies such as airlines and cargo carriers are seeking around $58 billion in loans and grants along with additional tax changes to cover from the COVID-19 pandemic. Numerous airports have also sought $10 billion in the form of loans and grants to survive the COVID-19 outbreak. Additionally, due to the slashed travel as a result of coronavirus pandemic, the stock of companies such as Boeing is down more than 60% over the last month. Moreover, Boeing also asked government support for a minimum of $60 billion in access to public and private liquidity, including loan guarantees, for the aerospace manufacturing industry.
Verticals Affected Most
- Passenger Airlines
- Cargo Airlines
- Aircraft manufacturing companies
- Airports managing companies
- Catering & other service providing companies
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