An aircraft is a type of transportation vehicle that uses air to transfer people and freight from one location to another. Airplanes and aircraft come in a variety of forms and sizes, depending on their intended use. Narrow-body aircraft, wide-body aircraft, and turboprop aircraft are the three kinds of aircraft. Aircraft engines, landing gears, propellers, wings and flaps, cabin furnishings, fuselage, cockpit, and other components make up an aircraft.
The development of airlines to accommodate an increase in the number of air travelers from growing Asia Pacific nations such as India and Vietnam is predicted to drive demand for airplane components globally over the forecast period. According to the India Brand Equity Foundation, the amount of domestic passenger traffic in India in FY20 was 274.50 million, expanding at a CAGR of 12.91 percent over FY16.
COVID-19 has had a substantial impact on a variety of industries, including infrastructure, retail, manufacturing, and others. According to CMI's data, most nations have enforced severe lockdowns and canceled domestic and international flights to battle the COVID-19 epidemic, therefore people's monetary expenditure on air travel activities has decreased.
Due to a shortage of personnel, companies that manufacture airplane parts are suffering production delays. The COVID-19 epidemic has slowed the growth of the aviation components business in 2020, as supply chains have been disrupted owing to a lack of staff at production sites. Due to trade limitations, corporations were also unable to transport the shipments. Canada's aircraft manufacturers rely largely on the United States for parts and components. The aviation components market, on the other hand, is predicted to recover from the crisis throughout the forecast period. Several firms saw a drop in aviation part sales as the supply chain was affected by lockdown orders, and domestic and foreign travel was also prohibited. For example, sales at significant aircraft manufacturers such as General Dynamics and Lockheed Martin fell by around 4.1 percent and 8.6 percent, respectively, from 2019 to 2020.