As the aviation industry continues its recovery from the downturn due to the COVID-19 pandemic, it was recently announced that aerospace manufacturers are seeing the highest number of orders in seven years.
A total of 670 commercial planes were ordered during the third quarter of 2022, with over 600 of those being narrowbodies. This is a 43% increase year-over-year. Boeing led the way with orders.
Part of this rise in demand, as well as such a high percentage being narrowbodies, is due to airlines investing in fuel-efficient aircraft while also meeting carbon reduction goals.
Some Challenges Still Facing The Aerospace Industry
With that being said, the industry still faces challenges, such as supply chain problems and rising energy costs, not to mention just overall inflation.
Supply chain issues can be traced to a continuation of difficulty in obtaining parts and materials from the COVID-19 pandemic, although those difficulties are seeing positive trends as we continue to recover.
When it comes to inflation, it’s important for businesses within the aerospace manufacturing industry to look into ways of doing business smarter in order to help with the rising costs, as we touched on in another recent blog.
The fact of the matter is that the aerospace industry is bouncing back with a vengeance, as evidenced by the record-breaking number of orders received in Q3.
While there are still some challenges facing the industry, things are looking up for plane manufacturers. With an average of 85 deliveries per month, it looks like we might just break 1,000 planes delivered this year!