Aircraft Manufacturing in China - Industry Report.pdf
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1、CONTENTS Error! No text of specified style in document. February 2012 | 1-800-330-3772 | IBISWorld Industry Report 3761 Aircraft Manufacturing in China February 2012 About This Industry . 2 Industry Definition 2 Main Activities . 2 Similar Industries . 2 Additional Resources . 3 Industry Performan
2、ce 4 Executive Summary . 4 Key External Drivers 4 Current Performance . 5 Industry Outlook 7 Industry Life Cycle . 9 Products it was the first to be completed by an Airbus factory outside Europe. Over the five years through 2012, industry revenue has been increasing at an annualized rate of 13.6%. I
3、n 2012, the Aircraft Manufacturing industry is expected to maintain steady growth due to increasing demand from downstream airlines for aircrafts and repair services and the government for military and national defense aircraft. There has also been increased government support for Chinese aircraft m
4、anufacturers to research, develop and build large aircraft. Total revenue is set to increase 8.6% from 2011, to an estimated $27.4 billion. Exports are forecast to total $1.7 billion in 2012, up 10.7% from 2011 and accounting for 6.2% of industry revenue. Growth of exports, however, slowed due to th
5、e increasing appreciation of the yuan and a reduction in foreign demand because of the global recession. Imports are expected to total $12.8 billion in 2012, down 2.1% from 2011 and accounting for 33.2% of total domestic demand. Import values peaked in 2006 at $10.9 billion. Since then, domestic air
6、line companies have increasingly turned to domestic manufacturers. 0 false 18 pt 18 pt 0 0 false false false /* Style Definitions */table.MsoNormalTablemso-style-name:“Table Normal“;mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style- parent:“;mso-padding-alt:0in 5.4pt
7、 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso- para-margin-bottom:10.0pt;mso-para-margin-left:0in;mso-pagination:widow-orphan;font- size:12.0pt;font-family:“Times New Roman“;mso-ascii-font-family:Cambria;mso-ascii-theme-font:minor- latin;mso-fareast-font-family:“Times New Roman“;m
8、so-fareast-theme-font:minor-fareast;mso-hansi-font- family:Cambria;mso-hansi-theme-font:minor-latin; Beginning in 2011, branch airlines are exempt from airport construction fees, which is expected to stimulate domestic demand for the industry. However, the appreciation of yuan and the rising price o
9、f raw materials will likely serve as choking points for further development of the industry. In the five years through 2017, industry revenue is forecast to increase at an annualized rate of 5.7%. Key External Drivers The key sensitivities affecting the performance of the Aircraft Manufacturing indu
10、stry include: Domestic Goods Prices - Metals - Steel As an important raw material used in manufacturing aircrafts, steel prices affect the overall cost of production. Downstream Demand - Scheduled and Non-Scheduled Air Transport Increased passenger and freight use of air transportation drives strong
11、er demand for aircraft and the repairing of aircraft. Exchange Rates - Chinese Yuan per $US Exchange rates greatly affect the cost of importing aircraft. As the Chinese currency appreciates, aircraft imports into China become cheaper. Government Final Consumption Expenditure - National - Defense The
12、 level of defense spending greatly influences this industry. Increases in defense spending will lead to WWW.IBISWORLD.COM.CN Aircraft Manufacturing in China February 2012 5 stronger demand for military aircraft and related equipment and services. Industry Systems and Technology - Aircraft mfg System
13、s and technology improvements benefit domestic manufacturers, allowing them to better compete with foreign manufacturers such as Airbus and Boeing. Current Performance The Aircraft Manufacturing industry in China has been developing rapidly over the five years through 2012. Industry revenue increase
14、d from $14.5 billion in 2007 to a forecast $27.4 billion in 2012, representing annualized growth of 13.6%. Industry profitability declined in recent years due to higher steel prices, weaker demand resulting from the global financial crisis, and reductions in airline maintenance budgets. The apprecia
15、tion of the yuan also made industry products less competitive than foreign-made ones, further contributing to a drop in profit. Industry profit will account for an estimated 4.3% of industry revenue in 2012, down from 6.2% in 2005. Major companies within the industry are looking to expand into the g
16、lobal market. In 2012, however, affected by the appreciating yuan, growth in exports is expected to decline slightly to 10.7%. In 2011, industry revenue totaled $25.2 billion, up 12.4% from 2010, due to increasing demand stimulated by the recovering global economy and government assistance. Exports
17、increased 13.6% from 2010, to an estimated $1.7 billion, accounting for 6.2% of overall industry revenue. In 2009 and 2010, industry growth slowed in response to the global financial crisis that began in late 2008, as domestic and foreign demand for global air transportation fell. For some major air
18、craft manufacturers, domestic and foreign orders were canceled or delayed, which contributed to a 44.2% decline in revenue in 2009, but growth of 28.0% in 2010 off that low base. The Beijing Olympic Games in 2008, was a major contributor to the substantial industry growth during 2008. Industry reven
19、ue grew 22.6%, as domestic demand increased strongly and as exports rose 9.3%. In addition, the World Expo in Shanghai in 2010 and Asian Games in Guangzhou contributed to increased industry growth, as China further evolves into a major economic power. The industrys development in recent years has be
20、en due to increasing domestic demand and favorable government assistance policies, such as increased government spending on national defense and, therefore, military aircraft. In addition, since 2006, the government has established a large aircraft strategy, which has helped to improve Chinese aircr
21、aft manufacturing processes and challenge the market share of some foreign enterprises. Finally, the growth in aircraft manufacturing has boosted demand for the industrys aircraft repair and maintenance segment. Enterprises and establishments Due to national defense requirements and major capital ne
22、eds, the government heavily controls the Aircraft Manufacturing industry in China. As such, business and manufacturing facility numbers are low compared to many other major Chinese industries. These numbers have remained relatively stable, despite industry revenue growth during the five years to 201
23、2. In 2012, ACMR-IBISWorld estimates that there are 170 aircraft manufacturers operating 503 manufacturing facilities in China. Employment and wages The number of employees in this industry has been increasing at an annualized rate of 3.4% over the five years through 2012 to over 334,000 workers. Me
24、anwhile, industry wages have been rising at an annualized rate of 5.6% to a forecast $1.5 billion in 2012. However, the proportion of wages to industry revenue has been falling from 8.1% in 2007 to a forecast 5.6% in 2012, reflecting increased investment in technology and capital equipment, and grea
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