UK aviation industry is expected to see a CAGR of 3.3% during the period (2019-2025). The aviation sector contributes significantly to boosting economic activity in UK. According to the IATA, in 2019, this sector provided 1.56 million jobs, and $110 billion of gross value to the GDP, which accounts for 4.5% of UK GDP. Due to the COVID-19 pandemic, the UK aviation industry significantly impacted, affecting passenger traffic, air cargo demand, airport workforce, and incoming revenues. According to the World Bank, 124 million and 165 million people traveled by air in UK in 2014 and 2018 respectively, with an increase of 33% in air traffic.
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UK aviation industry is segmented into passenger airlines, cargo airlines, aircraft manufacturing, airport management, and catering & other services. Based on the segmentation, the passenger airline segment is anticipated to get highly affected along with catering & other services. Passenger airline is the largest segment contributing to the aviation industry. The cargo airline segment in North America is showing the highest CAGR of 4.8% during the forecast period.
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Verticals Affected Most
· Cargo Airlines
· Passenger Airlines
· Aircraft Manufacturing
· Airport Management
· Catering & Other Services
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