A new report from ADS Group has revealed new aircraft orders are the highest since 2014.
The report showed 2,188 orders have been placed so far in 2023, with single-aisle aircraft accounting for almost 80%.
Global deliveries have risen 12% compared to the previous year, with single-aisle and wide-body aircraft increased by 10% and 24% respectively at the end of Q3.
Order backlogs have also hit a record-breaking high at 14,690 aircraft – a 10% increased on Q3 2022 – with an estimated value of £229bn ($278bn) for the UK aerospace sector.
Ahead of the Autumn Statement set to take place on 22 November, ADS has written to the Chancellor and continues to urge the UK Government to develop and implement a new industrial strategy.
“For the UK’s thriving aerospace sector which supports 108,000 direct jobs while generating £27 billion in turnover, £10.9 billion in value add, and £18.6 billion in exports to continue to excel in a highly competitive global market ongoing support is essential,” said Kevin Craven, Chief Executive, ADS Group.
“In the Autumn Statement, we hope the see measures that incentivise investment in the UK, as well as extended support for aerospace sector R&D beyond 2025, which is critical to securing continued industry investment to accelerate the development of the next generation cleaner and more efficient aircraft technology in the UK.”