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Europe Aviation Sectors : A Company and Industry Analysis (May 2008)
Mergent, May 2008, Pages: 36
This report updates the previous European aviation report, focusing on the markets in France, Germany, Ireland, Italy, Spain and the United Kingdom
Current Environment - Key Points
- More than 358 million passengers were carried by the Association of European Airlines- (AEA) 33 member airlines in 2007, up by 4.1% from 2006
- Freight traffic held steady in 2007, thanks to better results across the North Atlantic and strong increases in smaller African and South American markets
- European low-cost carriers sought out new bases and opened new routes in a bid to attract new traffic
- Air France-KLM, British Airways and Lufthansa continued to transform themselves into global players, while Iberia and Alitalia looked to link with other legacy carriers
- Last October, Delta Air Lines formed a transatlantic joint venture with Air France-KLM
- The average share price of ten major European airlines tracked by Mergent tumbled by 13.1% in the six months from August 2007 to January 2008
Industry Profile - Key Points
- The top five European airline groups ranked by revenues in the July-September 2007 period were Air France-KLM, Lufthansa, British Airways, SAS and Iberia, according to a Mergent analysis
- Air France ranked first among AEA's 33 member airlines in terms of passenger traffic and second in terms of scheduled passengers carried and freight traffic in 2007
- To keep pace with rising demand, most European airlines are placing new orders for aircraft
- Air China and Shanghai Airlines joined Star Alliance on December 12, 2007, and China Southern Airlines joined SkyTeam on November 15, 2007
- British Airways received a statement of objection from European Union (EU) regulators last December, alleging it was part of a suspected air cargo cartel
Market Trends and Outlook - Key Points
- Airlines are turning to cleaner engines and renewable fuel sources to reduce the industry's greenhouse gas emissions
- Passengers are likely to pay higher taxes on air travel to help fund programs in the fight against global warming
- Environmental groups are pressing for aircraft emissions to be included in the UK Government's Climate Change Bill, which aims to reduce CO 2 emissions by at least 60% of 1990 levels by 2050
- The International Air Transport Association (IATA) estimates that high energy prices will add US$14 billion to the global airline industry's fuel bill in 2008, driving it up to US$149 billion
- AEA expects operating profits for its member airlines to decline by 18.8% from -3.2 billion (US$4.75 billion) in 2007, to -2.6 billion (US$3.86 billion) in 2008.
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