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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Virgin Atlantic, British Airways, Easy Jet, and Jet2.com are among the major airlines that are operating their businesses in the country. Amid the COVID-19 pandemic, all the booked tickets were canceled or rescheduled, the staff was allowed to work from home and the airports were shut down. The shutdown of the airports and ban on air travel had created a deviation in the earlier forecasted number related to the aviation industry. Several annual air passengers, demand new airplanes their parts, staff, and so on are the major parameters that are being affected by the spread of the COVID-19 pandemic.
Verticals Affected Most
• Cargo Airlines
• Passenger Airlines
• Aircraft Manufacturing
• Airport Management
• Catering & Other Services
• Air Kilroe Ltd.
• Airbus SE
• AirTanker Services
• British Airways
• EasyJet PLC
• Jet2.com Ltd.
• Jota Aviation
• Ryanair DAC
• Virgin Atlantic Airways Ltd.
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