US aviation industry is expected to see a CAGR of 3.3% during the period (2019-2025). The US is expected to hold a significant market share in the aviation industry. Before the COVID-19 outbreak, the factors that drive the aviation industry in the US were high disposable income, a large proportion of high-income groups coupled with a high number of passengers traveled from airplanes. The US confirmed its first case of the COVID-19 on January 21, 2020. After that the government-imposed lockdown across the country to contain the infection. The US is among the highly affected economy due to the outbreak of COVID-19. To date (June 28, 2020), there are around 2.6 total cases and 128,437 mortalities caused by the COVID-19 pandemic as per Worldometers.info. Similar to other industries, the aviation industry is also negatively affected by the COVID-19 pandemic in the US. The decline in the number of domestic and international flights for passengers further impacted the aviation industry in the country. As per ICAO, the total number of flights in the US was around 6.6 million till May in 2019 that further declines to 5.5 million till May in 2020.
Request a Free Sample of our US Aviation Market: https://www.omrglobal.com/request-sample/us-aviation-market
US 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.
A full Report of US Aviation Market is Available at: https://www.omrglobal.com/industry-reports/us-aviation-market
Moreover, the major US-based aviation companies such as The Boeing Co., American Airlines Group Inc., and United Airlines, Inc., are facing the significant impact of the COVID-19 outbreak that further affect the aviation industry in the country. For instance, the Boeing Co. faced a huge loss, that is, it planned out to reduce 10% of its workforce as well as reduce the production of its various commercial jet models. The company had a net loss of approximately $642 million due to the pandemic and the grounding of the 737 MAX aircraft fleet due to the virus spread in the first quarter of 2020. Moreover, American Airlines Group has witnessed a loss of $ 2.2 billion in the first quarter of 2020. The company reduced its overall capital and other operational expenses by $12 billion in 2020. Whereas, the company faced a 90% slump in the second quarter’s revenue.
Verticals Affected Most
• Cargo Airlines
• Passenger Airlines
• Aircraft Manufacturing
• Airport Management
• Catering & Other Services
• Alaska Airlines
• Allegiant Travel Co.
• American Airlines Group Inc.
• Delta Air Lines, Inc.
• Hawaiian Airlines
• Indigo Partners, LLC
• JetBlue Airways
• The Boeing Co.
• United Airlines, Inc.
• WestJet Airlines Ltd.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/us-aviation-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
For More Information, Visit Orion Market Research
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: [email protected]
Contact no: +91 7803040404