Competitiveness Of The Aerospace Industry PDF Download

The aerospace industry is having high political, economic and strategic importance. The industry has showed always competitive performance despite the ups and downs in the global market. The global aerospace industry which includes both military and commercial industries is worth $170 billion. In future the commercial aerospace industry is expected to continue its significant revenue and earnings growth due to increasing share of commercial airlines in total global transport. Commercial Aircraft manufacturing industry of Europe, Airbus played crucial role in regional integration and promoting competitiveness in member states aerospace industries. While for the United States aerospace industry is regarded as a technological backbone of the economy and most strategic industry of the country. Since, its beginning the industry was dominated by the U.S. companies. Today, there is no sector of economy that contributes more to the U.S. net exports than aerospace manufacturing industry. The U.S. aircraft manufacturing firms such as Boeing, Lockheed, are top global firms. By the value, industry exported $72.1 billion in 2013. It directly represents one million workers, and supporting another 2.5 million jobs either indirectly or as suppliers. As a high-technology industry, it is high destination job for engineering students; the salary of about 47 percent employees is on annual average manufacturing wage of $54,400. But by no means the U.S. today is monopoly player in the global industry and market is also shared by Europe Union, Canada and Brazil. Due it strong optimistic future, the emerging economies like, Russia, China and India are likely to enter into the market by 2020 which will be the challenge for existing companies. Within the historical context the paper will try to understand evolution of industry and trace the process how the industry became global under the U.S. monopoly and then duopoly and emerging oligopoly in the twenty first century. The understanding of historical evolution will also help us to know the nature and national importance of industry on the one side and the interaction of the government and industry with the frame work of liberal principles of free market under World trade organisation on the other side.