Aircraft orders came in more than 75 per cent lower in May than the same month last year, new figures show.
According to the latest data from the ADS Group, 31 aircraft orders were placed over the month, which is 79 per cent fewer year-on-year.
It means the year-to-date order book is 14 per cent behind this time last year. Despite single aisle aircraft orders being down 95 per cent compared to May 2023, the number of wide-body aircraft orders rose 118 per cent as travel demand soars.
The world’s two largest planemakers, Boeing and Airbus, have endured significant supply chain disruption in the last 12 months. A dearth in workers following the pandemic has left the industry struggling to meet rising orders after passenger numbers rebounded from Covid-era lows.
Boeing itself is also facing major turbulence after the side of an Alaska Airlines 737 Max-9 aircraft blew out mid-flight in January.
Airbus shares plummeted 11 per cent last Tuesday after it cut its 2024 delivery target from 880 to 770 and delayed increasing output of the A320 to 2027. Boeing is seperately facing major turbulence following the blowout of an exit door during an Alaska Airlines flight in January.
Shares in Airbus and Boeing are down around 9 per cent and 13 per cent respectively.
The figures come ahead ahead of the Farnborough International Airshow, which will see a number of major delivery deals signed between airlines and suppliers.
Aimie Stone, Chief Economist at ADS said: “While these numbers may seem concerning at a first glance, detail and context reveal that the continued confidence within our sector remains justified.
“Farnborough International Airshow is the single biggest and most prestigious event for the aerospace sector, and its role as a place for big business to be done and announced is well understood amongst companies.
“This means we anticipate falling order rates, in an otherwise buoyant sector, are simply a reflection of the sector’s collective desire to make their orders at this flagship event.”