COVID-19 has severely affected the global economy, but the impact on aviation has been especially devastating. By April of this year, global demand for air travel had dropped by 94 percent year-over-year, and the International Air Travel Association expects airlines to lose $84.3 billion in 2020. As a result, aircraft MRO services will be deeply affected this year and experience greater turbulence for the rest of the decade. The immediate "demand shocks" for MRO are twofold: First, more than 18,000 commercial aircraft have been parked or stored-two-thirds of the in-service fleet. Second, those that remain in service are seeing much lower utilization: Turboprops, regional jets and both widebody and narrowbody aircraft are operating at 55 to 75 percent of the daily levels seen pre-COVID-19.
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