COVID-19 Impact
The COVID-19 pandemic has had devastating consequences for the aviation industry as travel bans and supply disruptions have created widespread upheavals in this industry. Moreover, a steep decline in air travel demand has worsened the impact of the coronavirus. According to the data compiled by the International Civil Aviation Organization (ICAO), there was an overall reduction of 1,376 million international air passengers in 2020 and the revenue losses faced by airline companies stood totaled to approximately USD 371 billion. With investments shrinking, the aero wing market growth is also slated to experience adverse impacts. In 2021, the market will decline by
-17.95% and reach a value of