It’s no secret that aircraft is the fastest means of transportation in the world. Most people love this means of transport so much. The Airline Industry is one of the growing industries that provides air transportation for passengers using airplanes, helicopters, etc.
Moreover, The airline industry has three main components: the commercial airline industry component, general airline industry component, and military airline industry component. The Commercial airline industry component includes national carriers such as Delta and American, regional carriers. In contrast, the general airline industry component comprises personal and business or executive flights and flight instruction. Due to the global pandemic, there has been a decline in the growth of the airline industry.
LOSS OF JOB OPPORTUNITIES
Interestingly, there are numerous job opportunities in the airline industry, such as; aircraft mechanics, service technicians, airline pilots, copilots, flight engineers, flight dispatchers, cargo and freight agents, flight attendants, reservation and transportation ticket agents, and travel clerks. This has also helped to create significant job opportunities for alot of people around the world. Also, The United States, Delta, American, and Southwest are the top passenger airlines that employed the most workers in the airline industry. The transportation industry employed nearly 455,000 workers, according to the bureau statistics.
DECLINE IN THE ECONOMIC DEVELOPMENT
The airline industry is an essential contributor to global economic development. It doesn’t only enable faster and easier movement of passengers and goods. Also, it has provided job opportunities for youths and adults in the world. The primary reason for the growth in demand is economic growth.
Total operating revenue of almost 247.64 billion U.S. dollars has been generated by the U. S, making the United States one of the largest markets for the airline industry globally. The country also has many all airports globally, containing about 15,000 airports of all sizes, which more than 5,000 have paved runways.
SUSPENSION OF AIRLINE ACTIVITIES.
However, In 2020, due to the coronavirus outbreak, the airline industry’s growth rate has declined massively. Airlines are estimated to have a net profit loss of 118.5 billion U.S. dollars. The Covid-19 Pandemic has negatively affected the airline industry in numerous ways. During the Covid-19 Pandemic period, More than 40 airlines altogether ceased and suspended operations. This has negatively altered the growth of the industry.
COVID-19 has reduced passenger traffic on global airlines to levels not seen before. A new report issued by a travel and data analytics company shows in hard, stark numbers just how devastating the coronavirus pandemic has been to the airline industry.
Also, The Transportation Security Administration processes an average of 2.2 million passengers per day in the U.S.A. However, In 2020, that daily average dropped to just about 888,000 people. The number of flights flown also dropped last year. 16.8 million scheduled passenger flights were completed globally during the period from January 1 to December 20, 2020. That’s a 49% drop from the 33.2 million flights from the same period in 2019.
Sadly, More than two decades of growth in the air travel/ airline industry has been erased due to the Covid-19 pandemic.