Coronavirus and the Aerospace Industry

All You Need to Know About Covid’s Impact on the Aerospace, Aircraft, Satellites & Drones Industry
Full coverage of the Aerospace Industry: Just published—our 2021 edition. Order now!
Plunkett Research now provides complete coverage of the Coronavirus’s effects on specific industries, via both our industry almanacs and our Plunkett Research Online system.
The Coronavirus pandemic of 2020 vastly shifted habits of businesses and consumers alike.  For airlines, passenger numbers plummeted all over the world.  According to the International Air Transport Association (IATA), global airlines were expected to lose a collective $84 billion in 2020.  Airline passenger volumes dropped 95% in April 2020 during the worst of the crisis.  While airline travel had rebounded to some degree by late 2020, numbers remained very depressed, and financial losses were the norm.  Airline companies have drastically reduced total numbers of flights and retired older aircraft.  In countries around the world, governments stepped up to subsidize airlines, but the support will be finite.

In the U.S., many airlines conducted major layoffs, starting October 1, 2020, when earlier federal financial support from the CARES Act of 2020 came to an end.  American Airlines announced plans to cut 19,000 jobs at that time, including thousands of pilots and about 8,100 flight attendants.  United Airlines cut about 13,000 employees.  In addition, thousands of employees at airlines in the U.S. took voluntary retirement or schedule reductions.  This pattern was repeated around the world.

A number of airlines declared bankruptcy in the early months of 2020.  Britain’s Flybe entered administration (a practice similar to bankruptcy) in March 2020, as did Trans States Airlines and Compass Airlines in the U.S. Virgin Australia entered voluntary administration in April 2020 while Columbia’s Avianca and Chile’s Latam Airlines filed for bankruptcy in May.  Aeromexico filed in July.  Watch for further bankruptcies as the slow travel market continues for years to come.
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For everything you need to know about the global Aerospace, Aircraft, Satellites & Drones sector, see: Plunkett’s Aerospace, Aircraft, Satellites & Drones Industry Almanac 2021

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Available to Plunkett Research Online subscribers
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Also available in Almanac Editions.
Publication Date: October 2020Price: $379.99
Printed ISBN: 978-1-62831-587-5
eBook ISBN:   978-1-62831-893-7
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