The North American aviation industry is expected to see a CAGR of 4.2% during the period (2019-2025). North America comprises the major economies of the globe which include the US and Canada. Due to the presence of key companies in the aviation industry in the US, the region holds a considerable share in the global market. With the exponential increment in the COVID-19 cases in the region, the airlines have grounded most of the planes and the complete lockdown has been imposed in most of the countries. The sudden halt in air travel disrupted the aviation industry in the region. As per the ICAO, the total number of domestic and cargo flights including passenger and cargo declined by 15.6% in 2020. The tickets were rescheduled and then canceled considering the severity of the COVID-19. Various members of the aviation staff were asked to work from home, and the airports were completely shut down. It has resulted in a deviation from the earlier forecast number related to the aviation industry which comprises the demand for new airplanes, annual air-passenger, workers, and others.
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North American 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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COVID-19 outbreak has severely impacted the North American countries including the US and Canada. The US contributes majorly to the North American aviation industry. In 2019, the US was the largest player in the aviation industry followed by China and the UK. As per the IATA, Oxford Economics forecasts that by 2036, the impact of air transport and the tourism it facilitates in North America will have grown to support $10.4 million and a $1.5 trillion contribution to GDP. The other factors driving the aviation industry before the COVID-19 pandemic include high disposable income, increasing global economic activities, and new travel trends.
Verticals Affected Most
· Cargo Airlines
· Passenger Airlines
· Aircraft Manufacturing
· Airport Management
· Catering & Other Services
Impact of COVID-19 on Major Economies
· United States
· Air Canada
· Air Transat
· Alaska Airlines
· American Airlines Group Inc.
· Delta Air Lines, Inc.
· JetBlue Airways
· Southwest Airlines
· The Boeing Co.
· United Airlines, Inc.
· WestJet Airlines Ltd.
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