The Business Research Company’s Global Aerospace Market Outlook Report 2020-30: COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 10, 2020 /EINPresswire.com/ — Companies in the aerospace industry are increasingly investing in new designs to promote social distancing, in the wake of COVID-19. To allow passengers to travel safely, companies in the market are launching new products which allow passengers to maintain adequate social distancing, while keeping the fares low. For instance, North Carolina-based HAECO Cabin Solutions unveiled a new line of products in April 2020. These products aim to make it easier to carry cargo and passengers at the same time. The company has launched flexible cargo stowage which would allow airlines to suitably separate booked passengers on board, while also making use of the unsold seats for transportation of cargo. This would enable replacing the loss of an unsold passenger ticket, helping to keep the rest of the fares down.
The global aerospace market share is expected to decline from $342.4 billion in 2019 to $332.3 billion in 2020 at a compound annual growth rate (CAGR) of -3%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The global aerospace market size is then expected to recover