The aviation field involves a network of aircraft manufacturers, airline businesses, airport management, government, travel agents, bank partners, and insurance companies.
The following trends are emerging in the aviation industry −
- State of the art automation and ever-improving technology aids smooth aviation operations. There are new aircrafts with high fuel-efficiency and other devices coming up to aid airline management and airport management.
- The customer expectations have increased. Since airlines and airports provide experience as an intangible product, they need to be always tuned with upcoming market changes and maintain customer loyalty towards themselves.
- Upgrading the aircrafts (the hard product) is still a challenge because of the expenses for purchasing them. The paybacks can be extremely positive or negative down the future timeline. Today most of the airlines are focusing on maintaining their aircrafts and enhancing the customer experience (the soft product) right from booking their tickets up to their arrival at the destination.
- Airlines are focusing also on the cost controls through refining organizational structure, model of operations, and work practices.
- The Low Cost Carriers’ growth rates continues to be above-average in the aviation industry. But there are challenges to face such as customer expectations, especially in full-service airline markets.
Most of the regional airlines prefer to lease the aircrafts and support system to the international airlines.
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