Gradually the world economy is turning a corner following the Great Recession which started in 2007 with the demise of Lehman Brothers. In terms of GDP ranking the US is still leading the pack with Europe picking up speed, while China’s economy continued to perform strongly making it now the third largest economy in the world. Although all larger economies are coming out of a recession in 2014, employment rates are not yet back at 2007 levels indicating a fragile recovery.
In our VZM Market Outlook 2014 for commercial aviation & maintenance we look back at how the aerospace market evolved through the Great Recession and provide our thoughts regarding future developments.
Airlines have changed over the last 7 years with consolidations, revised business models and fleet expansions depending on region. Globally airline profits have recovered to 2007 levels, and Airbus and Boeing orders are up. Increasing OEM dominance in both airframe and engine aftermarkets is forcing the independents to review their business strategies, putting pressure on MRO management to identify and implement cost effective initiatives throughout the aftermarket supply chain.
The Outlook is freely accessible for all subscribers to the VZM site in PDF format through our VZM Publications page. Subscription is free of charge and without any obligations. To become a subscriber of the VZM site and to have access to our Outlook simply click the Subscribe-link.
A hardcopy is available on request.