With annual increases of 5% in air traffic, the aircraft construction market has been a rapidly growing sector for several years. Its constant growth prospects allow parts manufacturers to have a degree of visibility. Growth in the aerospace sector was 2% in 2017 and the industry giants Airbus and Boeing forecast strong growth prospects for the coming years. By 2034, manufacturers are expected to deliver a total of nearly 34,000 aircrafts, and a 15% increase in the number of more environmentally-friendly aircrafts. Job creation reflects the dynamism of the sector in France: 11,000 people were recruited in the aeronautics sector in France in 2015 and 3,000 jobs were created. In France, the aeronautics sector generated 60.4 billion euros in turnover in 2016, a growth of 4.1% compared to 2015, 86% of the turnover was achieved through exports.
The market is highly concentrated, be it on a global, European or French scale. The American Boeing and the European Airbus are the two world leaders, along with Lockheed Martin. In Europe, Airbus is the leader, followed by Safran and Thales. France has a 22% market share on a worldwide level, which makes it the world's second largest exporter after the United States. The market's dynamism is attracting new entrants, notably China with Comac. However, this sector uses many subcontractors (metallurgy, textiles, electronics) where the competition is intense.
In terms of strategy, OEMs (Original Equipment Manufacturers) are focused on innovation. Whilst also optimizing their costs and productivity by outsourcing.
The aeronautics sector holds record figures for mergers and acquisitions: Deloitte recorded 200 transactions of this type per year between 2008 and 2015, for a cumulative amount of 11 billion US dollars. Deloitte estimated that 55 billion US dollars’ worth of M&A transactions took place between January and November 2015.
The world leaders will therefore have to face Chinese competition and soaring fuel prices. In addition, some of the main issues that remain are security and traceability. Finally, the increasing number of regulations related to pollution in the sector, push companies to continue investing in R&D.
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- Country :
- Turnover : 42 milliards de dollars
- Position : Leader mondial avec 54% des parts du marché
- Country : United States
- Turnover : 68 milliards de Dollars
- Position : Leader US
- Country : China
- Turnover : na
- Position : Nouvel entrant
La Chine est l'un des marchés en croissance du segment.