This year has been quite an innovative one for the aviation and aerospace business markets.
With so much growth, it leaves many of us involved in aerospace and aviation business asking “What is next?” Without further ado, this is PartsBase’s analysis for a break through in the aviation and aerospace business markets in 2019!
An Increase in Passenger Flights
The size of the world is decreasing as the businesses that specialize in making the vast planet seem that much smaller blast off. This is because large countries,such as India and China, have had massive pushes in passenger air travel as their middle class continues to grow. This continuous growth in the number of passengers who travel by air each year have increasing come from the Asiatic countries mentioned above.
We are looking at more than a 7% increase in air travel compared to 2017, and the numbers for 2019 do not seem to be slowing down in the slightest. The Asia-Pacific market share has climbed to a whopping 35% (compared to the previous 11.3% back in 2015) that is estimated at roughly 1.3 billion. The future of passenger flights seems bright when we look back at years previous, projecting a continuation of their massive amounts of growth in aviation.
Military Air crafts & Equipment
Both the aerospace and aviation fields within the military will likely see influxes of capital due to literal billions of dollars being poured in the United States military alone (DJT requesting $686 billion). This includes$10.7 billion to buy 77 F-35As (Lightning II, 5th generation), $3 billion for 15 new KC-46 tankers (replacing the existing KC-135), and roughly 2 billion for 24 F/A-18s. There is plenty more the military will be updating and purchasing, but the above are just a few that we can expect in the near future of 2019 or 2020.
The massive amount of money being poured into defense spending is undoubtedly going to cause a surge of development in the military contract work. This would also include the manufacturing for the aviation and aerospace weaponry that would be paired with such costs; so the rise in demand is evenly spread among the markets.
As briefly mentioned above in the various paragraphs, global production of aviation and aerospace products will undoubtedly spike. With a relatively strong global economy (or rather strong pockets), more people are able to spend the cash it takes to travel. This rise in travel ability is greatly affecting the markets that we see now, and we only remain more hopeful for the upcoming years. The massive increase in major aircraft, aviation, and aerospace procurement programs will continue on a vertical climb on a global scale (with the Asian Pacific region experiencing exponential growth in the upcoming 2 years).
Manufactures must ramp up production in order to accommodate the ever-growing demand for aircraft parts,as we can expect aircraft deliveries to end in 2018 with slightly more than 1,600 units. As OEMs (Original Equipment Manufacturers) increase their production rates there still remains the risk that suppliers may face difficulties in ramping up their productions. Only time will tell.
To Infinity & Beyond!
The future of the aviation and aerospace markets are seemingly endless. With an ever-growing population and a further expanding global middle class, the future of passenger plane travel looks very bright. PartsBase sure is excited to be there every step of the way!If you are interested in learning about the future of the aviation and aerospace markets in 2019, consider joining PartsBase for PBExpo 2019 in sunny Fort Lauderdale, Florida. It is a fantastic opportunity to actively take place in the aviation and aerospace conversation, and truly be heard by the leaders of the industry. If you have enjoyed this content and are looking for something similar, follow our social media page here to stay up to date.