The COVID-19 pandemic has led to a significant reduction in passenger traffic, negatively impacting demand for new aircraft and utilization rates of the existing fleet. These trends have significantly affected aircraft orders and deliveries, which directly impact commercial aerospace original equipment manufacturers' (OEMs') topline and the extended supply chain. Also, lower utilization rates resulted in a weak demand for aftermarket and maintenance services as airlines delay discretionary maintenance and upgrades. Overall, the pandemic has impacted the complete commercial aerospace value chain-from OEMs and their suppliers to aftermarket providers.
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