Orders for airliners across all manufacturers in May were down 79% compared to the previous year with just 31 aircraft being ordered.
The drop means that overall the global order book is sitting at 14% lower than this point in 2023 according to data from the UK Trade Association for the aerospace, defence, security and space sectors, ADS.
Order backlogs remain healthy though with 15,694 aircraft on the books, 17% ahead of the same point last year.
Interestingly, the big drop has come from single-aisle airliners which have dropped 95% whereas widebody orders have increased by 118%.
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.”
One explanation for the increase in widebody orders is the increase in international travel prompting airliners to look at longer-range, higher-density aircraft such as the Airbus A330, A350, Boeing 787 and 777.
Despite the drop in orders, the future is looking positive for the airline industry with travel largely back to, and in some cases exceeding, pre-covid levels.
With the Farnborough International Airshow just a few weeks away some airlines may also be holding back order announcements with manufacturers to boost the show tallys.
At Farnborough, ADS is playing host to the UK Village where 99 UK companies will be showcased during the event which takes place from the 22nd to 26th July 2024.
