The commercial aviation and services market will continue to face "significant challenges" due to the coronavirus pandemic, said a report from aerospace giant Boeing.
The 2020 Boeing Market Outlook forecast a total market value of $8.5 trillion over the next decade including demand for aerospace products and services, down from $8.7 trillion a year ago due to the impact of the Covid-19 pandemic.
“We’re a long way from the bottom, which was mid-April, and it’s a long way back from here to full recovery,” Darren Hulst, Boeing’s vice president of commercial marketing, told reporters.
The report, Boeing's first market forecast since the outbreak ravaged the travel industry, said that airlines globally have begun to recover from a greater than 90% decline in passenger traffic and revenue early this year, but a full recovery will take years.
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