Aviation Recovery Banks On Long-Term Resilience
Easing travel restrictions is key to the global aviation recovery. Yet, recovery is only expected to gain traction in 20241. Amidst this cautious outlook, long-term demand for aviation-related products and services is expected to be resilient. After all, air travel remains key to helping people to connect with loved ones, conduct business face-to-face and explore new places2.
Meanwhile, aviation players are taking this opportunity to replace fuel-inefficient aircraft and procure supplies for growth areas such as express cargo. About 40% of the pre-pandemic passenger fleet is forecast to be replaced by 2030, with the majority slated for conversion to freight aircraft2.
More than ever, aviation players need to collaborate to overcome uncharted conditions resulting from the pandemic. The biennial Singapore Airshow is Asia’s largest and most influential international aerospace and defence exhibition for stakeholders to forge strategic alliances, collaborate for change to shape the future of the global aviation industry. Confirmed exhibitors include Airbus, Boeing, Honeywell, Israel Aerospace Industries, Rolls-Royce, ST Engineering and Textron Aviation.
1IATA Economics using data from ICAO, IATA Statistics and OECD
2Boeing Commercial Market Outlook, 2021 – 2040