Over 70 companies have cancelled their attendance at the Singapore 2020 Airshow with Honeywell and Leonardo two of the most recent major players to withdraw. Many Chinese companies have already confirmed their non-attendance. While airshows, traditionally, are used to announce major deals, these have already been agreed and in general such an event is usually used to gauge the confidence in the aerospace market moving forward.
Prior to the coronavirus crisis, the Before the crisis, the International Air Transport Association (IATA), which represents global airlines, projected passenger traffic rising by 4% in 2020 and cargo traffic 2% higher. However, UK-based consultancy Ascend by Cirium said the number of flights scheduled to operate to, from and within China had dropped by 24% compared with expectations before the crisis. Beyond this, the number of flights actually operated was down by half compared with normal seasonal levels, while many airlines continued to cut flight numbers well below newly adjusted schedules. Consequently, Asian airlines are bracing themselves for a volatile 2020.
According to Reuters news agency, the air show’s organisers said on Sunday they still expected more than 930 companies from 45 countries and 45,000 trade attendees – down from the 54,000 at the last show in 2018.
