Assessing the Value of Capital A’s Non-Aviation Assets

Yingling Aviation Named Authorized Honeywell Dealer Yingling Aviation has been officially designated as an authorized Honeywell dealer, a development that empowers the Wichita-based company to sell and renew Honeywell Maintenance Service Program (MSP) contracts, supply avionics equipment, and conduct engine maintenance for HTF-7000 and TFE-731 engines. Additionally, Yingling is now authorized to provide support for Honeywell auxiliary power units (APUs), including the GTCP36-150, RE-220, and RE-100 models. Enhanced Support and Strategic Investment This new status enables Yingling Aviation to deliver enhanced support to operators, particularly as Honeywell continues to lead the aviation industry with its focus on safety and innovation. In line with this, Yingling has made a significant investment in Honeywell DU-1310-2 flight displays. These units serve as modern replacements for the now unsupported DU-1310-1 displays commonly found in legacy flight decks. Josh Peterson, Avionics Sales Manager at Yingling Aviation, highlighted the challenges operators face with the older DU-1310-1 units, noting that they are no longer supported under MSP-A contracts and that sourcing used units is both difficult and costly. The introduction of the DU-1310-2 displays offers operators a plug-and-play upgrade path designed to reduce aircraft on ground (AOG) situations and minimize operational downtime. Peterson further stressed the importance of proactive upgrades, advising operators to consider early adoption to avoid extended downtime and availability issues. He also emphasized Yingling’s role in assisting customers with pricing and rebate options related to these upgrades. Market Implications and Competitive Dynamics Yingling’s appointment as a Honeywell dealer arrives amid intensifying competition within the aviation services sector. By leveraging Honeywell’s advanced technologies—including recent innovations in sustainable aviation fuels and runway safety systems—Yingling is positioned to strengthen its market presence. This partnership may prompt competitors to enhance their own technological capabilities or forge new alliances to maintain their market share. While the integration of Honeywell’s cutting-edge solutions offers significant advantages, it also presents challenges related to technology adoption and increased scrutiny from industry rivals. With Honeywell’s expanding portfolio and Yingling’s dedication to supporting both legacy and next-generation aircraft systems, this collaboration is set to influence operator preferences and competitive strategies throughout the aviation maintenance and avionics industry.

Joby Aviation’s Dubai Milestone Signals Potential for Expansion Shares of Joby Aviation (NYSE: JOBY), a prominent electric vertical takeoff and landing (eVTOL) manufacturer, experienced a notable surge on June 30 following the company’s announcement of successful piloted wingborne flights in Dubai. These vertical takeoff and landing tests were conducted in collaboration with Dubai’s Roads and Transport Authority, the Dubai Civil Aviation Authority, and the UAE’s General Civil Aviation Authority. This achievement represents a critical advancement in Joby’s pursuit of commercializing electric air taxis and expanding its footprint in the urban air mobility sector. Strategic Developments and Market Entry Challenges Joby Aviation’s broader strategy encompasses the development of advanced booking platforms, integration with ride-sharing services, and the establishment of dedicated service routes. The company is also investing in a manufacturing facility in Dayton, Ohio, designed to produce up to 500 eVTOL aircraft annually. This expansion underscores Joby’s commitment to scaling production capabilities in anticipation of growing demand. While the Dubai milestone marks tangible progress, entering this new market entails navigating complex regulatory environments and operational challenges. Nevertheless, Joby’s exclusive access to Dubai’s market, bolstered by strategic partnerships and government support, positions the company to effectively address these obstacles. The positive market response, reflected in the company’s stock performance, indicates investor confidence in Joby’s growth trajectory and strategic positioning. The Expanding eVTOL Market and Competitive Landscape The eVTOL industry is experiencing rapid growth, driven by increasing urban congestion and the demand for sustainable, efficient transportation solutions. Unlike traditional helicopters, eVTOL aircraft offer quieter, emission-free operation through electric propulsion, while their ability to access remote or difficult-to-reach locations enhances their utility in applications such as search and rescue. Industry forecasts project the eVTOL market to expand from $1.76 billion in 2024 to $24.1 billion by 2031, reflecting a compound annual growth rate of 51.6%. Competition within the sector is intensifying. Archer Aviation (NYSE: ACHR) is approaching the commercial launch of its Midnight aircraft, targeting short-haul air taxi services. Archer has secured significant government and commercial partnerships, including a recent agreement with Indonesia’s PT. IKN to deploy its aircraft, thereby extending its international presence. The company is actively pursuing certification in the United States, UAE, and Ethiopia, and has formed a strategic alliance with Jetex. Similarly, Brazil-based Eve Holding (NYSE: EVEX) is gaining momentum, supported by a growing backlog of Letters of Intent from global partners such as Future Flight Global. These agreements highlight strong commercial interest in Eve’s technology across key markets including Brazil and the United States. Eve anticipates commencing commercial eVTOL services in 2026, with initial aircraft sales and revenue generation expected to begin in 2027. Despite the evolving regulatory landscape—particularly in Europe, where the market is shifting toward more conventional aircraft designs—Joby’s strategic initiatives and exclusive partnerships aim to reinforce its leadership position within the industry. Market Performance and Valuation Year to date, Joby Aviation’s shares have risen by 29.8%, significantly outperforming the broader industry, which has declined by 5.4%. From a valuation standpoint, Joby trades at a premium relative to the industry average, reflecting strong investor optimism regarding its future growth prospects and market leadership.

New Invention Promises to Eliminate Airplane Emissions in Country The transportation sector is undergoing a profound transformation aimed at achieving greater sustainability, with the aviation industry now intensifying efforts to reduce its reliance on fossil fuels. While much of the global focus has been on decarbonizing passenger vehicles, the aviation sector is increasingly seeking innovative solutions to revolutionize air travel and significantly cut emissions amid the escalating climate crisis. Electric Engines: From Roads to Skies Electric propulsion has rapidly gained momentum in the automotive industry, with nearly all major manufacturers offering electric models and many committing to phase out combustion engines within the next two decades. In contrast, the aviation sector has faced considerable challenges in adopting electric technology, primarily due to the weight and limited energy density of current battery systems, which render them impractical for large commercial aircraft. Despite these obstacles, the ambition to achieve electric flight remains strong. Presently, electric airplanes are largely confined to prototypes and small two-seater models. However, Swedish researchers are ambitiously targeting the launch of the world’s first 30-seater electric airplane by 2030, marking a significant advancement in the field. While large commercial electric aircraft projects are still in their infancy, electric air taxi initiatives designed for a few passengers are progressing at a faster pace. Innovation and Market Dynamics “Electric aviation is in the starting pits today, but there is still a lot to do for it to take off,” remarks Hampus Alfredsson, a sustainable transport researcher at the RISE Institute. Alongside electric propulsion, many industry players are exploring hydrogen-powered alternatives as a viable route to decarbonization. Säve Airport in Gothenburg, Sweden, is poised to become a hub for this emerging technology, set to receive a hybrid electric commercial airplane developed by Heart Aerospace. Current models offer a flight range of approximately 32 kilometers, with ongoing research focused on extending this distance. The Gotland region is also expected to serve as a critical testing ground, supporting Swedish entrepreneurs, startups, and researchers in advancing electric aviation technologies. Nevertheless, the path to widespread adoption remains fraught with challenges. Industry analysts point to a lack of robust market competition and insufficient policy incentives as factors that have hindered innovation. While some investors and companies are eager to embrace these new technologies, others remain cautious due to the high costs and complexities involved in transitioning from established aviation systems. Competitors may accelerate their research and development efforts in response, but some risk falling behind due to entrenched investments in traditional infrastructure. Policy and the Future of Aviation The broader aviation market is anticipated to experience a gradual shift toward electrification and increased use of biofuels, particularly as policy frameworks place greater emphasis on low-carbon energy sources. The development of new regulations and certification processes will require time, and airports will need to invest in ground infrastructure capable of supporting electric aircraft charging. As the aviation industry confronts these multifaceted challenges, Sweden’s initiatives represent a significant stride toward a future in which air travel could become both sustainable and emission-free. The coming years will be critical in determining whether these technological innovations can successfully take flight and transform the aviation landscape.

Key Questions on Chinese Travel, AI, and Airlines Answered by Skift Skift’s Ask Skift 2.0 has recently provided valuable insights into some of the most critical developments shaping the travel industry today. The discussion centers on evolving trends in Chinese outbound travel, advancements in travel technology, and the expanding role of artificial intelligence (AI) within airlines. The following analysis highlights the key findings and emerging patterns in these areas. The Evolution of Chinese Outbound Travel in 2025 Chinese outbound travel is experiencing a marked transformation, characterized by a significant increase in first-time international travelers. Data from China Trading Desk’s second-quarter survey reveals that 44% of Chinese travelers are venturing abroad for the first time, representing a six-percentage-point rise from the previous quarter. This growth is largely driven by changing traveler motivations, particularly among Generation Z women and newcomers to international travel. These groups are contributing to the emergence of new market segments, including what are being termed the Confidence, Value, She, Emotional, and Silver Economies. Booking behaviors are also shifting, with 77% of travel reservations made within one month of departure and nearly half occurring within just two weeks. While traditional destinations such as Singapore, Japan, and South Korea continue to attract significant interest, there is a notable diversification in preferred locations. Fliggy’s data indicates that bookings to less conventional destinations like Iceland, Morocco, Norway, and Georgia have doubled compared to the previous year. Industry dynamics reflect these changes as well. Southwest Airlines’ inaugural transpacific partnership with China Airlines underscores a growing enthusiasm for global airline collaborations. This development encourages legacy carriers to leverage strong demand for international and premium travel. Conversely, some airlines, including JetBlue, are responding to softer demand by implementing cost-cutting strategies. Innovations in Travel Apps and Platforms The travel technology sector is advancing rapidly, with AI integration playing a pivotal role in enhancing user experiences. In May, Google launched an “AI Mode” for its Search platform, enabling users to pose complex, multi-part travel queries and receive personalized recommendations. This feature utilizes data from Gmail and previous searches to construct tailored itineraries based on a traveler’s bookings. Similarly, Kayak introduced Kayak.ai, an AI-driven trip planner that allows users to search, save, and share flight and hotel options, while also providing access to ChatGPT for more expansive inquiries. Apple has announced plans to introduce digital passports within the iPhone Wallet this autumn, simplifying age and identity verification processes. Additionally, Apple is incorporating live translation capabilities into Messages, FaceTime, and Phone applications, facilitating real-time spoken translation during calls—even when only one participant uses an iPhone. Despite the surge in AI adoption, investors in travel startups urge caution against overhyping the technology. They emphasize the necessity of focusing on practical solutions that address genuine industry challenges rather than adopting AI for its novelty. Nonetheless, nearly 90% of travel marketing leaders anticipate that AI will be a critical driver of business value over the next three years, as marketers increasingly harness AI to generate insights and stimulate growth. Agentic AI Adoption Trends Within Airlines Agentic AI is becoming increasingly integral to customer-facing airline services. Qatar Airways has launched an AI-powered travel agent designed to assist with booking and trip planning. Delta Airlines introduced the Delta Concierge assistant, which offers proactive travel planning and provides notifications related to passports and visas. United Airlines employs its Connection Saver AI system to automatically update passengers on delays and connecting flights. These developments exemplify a broader industry trend toward leveraging AI to enhance operational efficiency and improve the customer experience. As airlines and travel companies continue to integrate AI technologies, the emphasis remains on delivering practical solutions that meet evolving traveler expectations and address ongoing industry challenges.

SAS Commits to Up to 55 Embraer E195-E2 Jets in Fleet Modernization Drive Scandinavian Airlines (SAS) has announced a landmark agreement with Brazilian aircraft manufacturer Embraer to acquire up to 55 E195-E2 jets, marking the airline’s largest direct jet order since 1996. The contract includes a firm commitment for 45 aircraft, with options to purchase an additional ten, representing a deal valued at approximately US$4 billion, excluding purchase rights. Strategic Fleet Renewal and Growth Ambitions This substantial investment forms a cornerstone of SAS’s long-term strategy to modernize its fleet, improve fuel efficiency, and reduce its environmental footprint. The new Embraer jets are expected to support the airline’s expansion plans from its primary hub in Copenhagen, as well as across its wider Scandinavian and international network. Deliveries are slated to commence in late 2027 and will extend over a period of about four years. SAS President and CEO Anko van der Werff described the agreement as a “defining moment” for the airline, underscoring the thorough evaluation process that preceded the decision. He emphasized that the investment reflects confidence in the airline’s future and the robustness of the secured agreement. The Embraer E195-E2 is tailored to meet SAS’s operational requirements, offering enhanced performance, reduced fuel consumption, and improved passenger comfort. Its size and range are anticipated to provide greater operational flexibility, enabling increased flight frequencies on existing routes and facilitating network expansion while maintaining cost efficiency. This move is expected to strengthen regional connectivity throughout Scandinavia and Europe, reinforcing SAS’s competitive position in the international aviation market. Challenges and Competitive Landscape Despite the promising outlook, the fleet renewal presents several challenges. Integrating the Embraer E195-E2 jets into SAS’s regional operations will necessitate meticulous planning, particularly to ensure the compatibility of the Pratt & Whitney PW engines with the airline’s existing maintenance infrastructure. The financial magnitude of the order is also likely to attract scrutiny from analysts and market observers, who will closely monitor SAS’s financial health and strategic positioning amid a competitive regional market. The order arrives amid intensified competition among regional carriers. Industry experts suggest that SAS’s acquisition could trigger responses from rivals such as Skywest, which may explore similar Embraer purchases or consider alternative aircraft like the Airbus A220. Notably, LOT Polish Airlines recently opted for up to 84 Airbus A220s, bypassing Embraer models entirely, highlighting the dynamic and competitive nature of the sector. As SAS embarks on this ambitious fleet renewal, the airline confronts both significant opportunities and challenges in executing its strategy and sustaining its leadership within the evolving European aviation landscape.

China Nears Major Airbus Deal Amid Boeing’s Decline in Chinese Market China is reportedly on the verge of finalizing a substantial aircraft order with European aerospace leader Airbus, potentially acquiring between 100 and 200 new jets. This development would further solidify Europe’s position as China’s preferred supplier of commercial aircraft, despite the continued reliance of some Chinese airlines on American manufacturer Boeing. Shifting Dynamics in China’s Aviation Sector Boeing, which once held a dominant position in the Chinese market, has not secured a significant order from China since 2017. This prolonged absence coincides with escalating trade tensions between Beijing and Washington, compounded by a series of challenges for the US company. These include labor strikes, financial setbacks, and high-profile accidents such as the recent Air India crash involving a Boeing 787 Dreamliner, which resulted in at least 270 fatalities. Industry analysts suggest that China’s potential Airbus order could inflict a serious blow to Boeing’s market share as the country’s aviation sector continues to grow rapidly. Airbus’s European base may provide logistical and diplomatic advantages for Chinese buyers increasingly cautious of geopolitical risks and safety concerns associated with US suppliers. Concurrently, China is advancing production of its domestically developed Comac C919 passenger jet, further diversifying its fleet away from American manufacturers. Brian Yang Bo, an aviation industry veteran and independent consultant, noted, “Buying from Airbus makes a lot of sense now, both commercially and diplomatically. But carriers with Boeing-only fleets are caught on the back foot.” Market Implications and Future Prospects The market has already reacted to the news, with Airbus shares rising amid expectations of increased orders. Conversely, Boeing’s position could deteriorate further if it remains excluded from China’s recent aircraft procurement activities. Some analysts argue that Boeing may need to renegotiate terms or explore alternative markets to compensate for the potential loss of Chinese business. As China moves closer to securing a landmark deal with Airbus, the divide between the two aerospace giants in the Chinese market appears set to widen, presenting Boeing with mounting challenges in one of the world’s most vital aviation arenas.

Rano Air Collaborates with Aviation Authorities to Investigate In-Flight Engine Malfunction Rano Air Limited has confirmed that its engineering team is working in close coordination with aviation authorities to investigate an engine malfunction that occurred during a scheduled flight on Sunday, June 29, 2025. The affected aircraft, bearing registration number 5N-BZY, was operating a route from Abuja to Sokoto when the incident took place. Incident and Immediate Response During the flight, one of the aircraft’s engines experienced a technical issue. The flight crew promptly followed established safety protocols, initiating emergency procedures that culminated in a safe landing at Sokoto Airport. All passengers and crew members disembarked without injury, underscoring the effectiveness of the crew’s response under pressure. In accordance with industry regulations and Rano Air’s internal safety policies, the aircraft was immediately grounded to allow for a comprehensive investigation. The Nigeria Civil Aviation Authority (NCAA) was notified without delay, and the Directorate of Airworthiness has begun a detailed examination to identify the root cause of the engine malfunction. Safety Commitment Amid Industry Scrutiny Rano Air expressed regret for any inconvenience caused by the incident and praised the professionalism of its flight crew, whose adherence to safety procedures ensured a secure outcome. The airline reaffirmed its unwavering commitment to the safety of passengers and staff. This event occurs against a backdrop of increased scrutiny within the aviation sector, following recent high-profile incidents such as the Air India 787 crash and the Alaska Airlines 737 MAX 9 engine failure. These occurrences have heightened the emphasis on transparent communication and rigorous regulatory compliance during crisis situations. Challenges and Industry Implications The ongoing investigation presents several challenges for Rano Air, including intensified regulatory oversight and the possibility of an extended grounding period for the affected aircraft. The airline also faces reputational risks, as such incidents can erode passenger confidence and potentially lead to increased insurance costs. Industry analysts suggest that competitors may leverage this situation by emphasizing their own safety records to reassure travelers and potentially gain market share should Rano Air’s reliability be questioned. Rano Air has reiterated its full cooperation with the relevant authorities and its dedication to maintaining the highest safety standards. The airline has committed to providing timely updates as the investigation unfolds.

Portugal Hosts Aviation Pioneers at World Aviation Festival in Lisbon Portugal is solidifying its position as a key player in aviation innovation by hosting the World Aviation Festival (WAF) in Lisbon. This premier event brings together global industry leaders to establish new benchmarks for air transport, underscoring Portugal’s expanding role in influencing the future of international air travel. A Landmark Gathering for Aviation Innovation The 2025 World Aviation Festival, set to take place from October 7 to 9 at Lisbon’s FIL exhibition center, is anticipated to be the most ambitious edition to date. The event will attract over 4,500 aviation professionals, 600 speakers, and more than 400 exhibitors, representing every facet of the aviation value chain. The festival’s comprehensive agenda includes sixteen conference tracks addressing pivotal themes such as artificial intelligence, machine learning, digital transformation, sustainability, customer experience, and airline retail strategies. These sessions aim to deliver both visionary insights and practical solutions for integrating innovation into operational frameworks. Addressing Industry Challenges and Market Shifts As the aviation sector prepares to confront significant challenges in 2025—including decarbonization efforts, heightened customer expectations, and geopolitical uncertainties—the festival serves as a crucial forum for collaboration and strategic problem-solving. Recent analyses from TourismReview highlight the complexity airlines and airports will face in the coming year, emphasizing the importance of the knowledge exchange facilitated by WAF. Market dynamics are also evolving rapidly. There is robust demand for transatlantic routes such as Los Angeles-Lisbon and Boston-Porto, according to TAP Air Portugal’s Chief Operating Officer. Meanwhile, competitors like Iberia are expanding their presence across the South Atlantic, and carriers such as Spirit Airlines continue to grapple with operational difficulties. These developments highlight the necessity for agility and innovation, which will be central themes throughout the festival. Showcasing Cutting-Edge Technologies and Fostering Connections The exhibition will feature groundbreaking advancements in aviation IT, biometrics, digital identity, data analytics, robotics, predictive maintenance, cybersecurity, and e-commerce. Attendees will have the opportunity to engage with live demonstrations, product launches, and the latest platforms that are transforming the industry. Networking remains a fundamental component of the festival experience. The 2025 edition introduces dedicated lounges, matchmaking tools, executive roundtables, and exclusive forums designed to deepen connections and stimulate business growth. Startups, investors, and technology scaleups will benefit from curated sessions and innovation showcases aimed at fostering new ideas and partnerships. Amid mounting pressures and shifting market demands, the World Aviation Festival in Lisbon emerges as a vital platform for advancing progress, exchanging solutions, and shaping the future trajectory of global air travel.

World Star Aviation Facilitates XMAL’s Inaugural Lease Agreement with easyJet World Star Aviation has been instrumental in orchestrating the acquisition and lease of four Airbus A319 aircraft by Xiamen Aircraft Leasing (XMAL) to easyJet. This transaction represents XMAL’s first international aircraft leasing deal, conducted through its newly established Irish entity, Renew Star, and marks a significant step in the company’s strategic expansion beyond its domestic market. Structuring the Deal and Strategic Partnerships The lease agreement was meticulously structured by World Star Aviation, with KEB Hana Bank acting as the mandated senior lender, reflecting a robust partnership and shared confidence among the involved parties. Edward Chen, Chairman of XMAL, emphasized the importance of this milestone, stating, “We are very glad to add easyJet, a leading and premier airline, into our lessee portfolio. This is a significant milestone for XMAL as it marks our first aircraft leasing transaction abroad. We owe this success to our valuable partner, World Star Aviation, whose support was crucial.” Garreth Slevin, Partner at World Star Aviation, expressed optimism about the deal’s implications, noting, “It is a pleasure to be part of this important transaction for XMAL. We believe that the establishment of the Irish platform will open new avenues for growth and collaboration in the international aircraft leasing market. We are proud to support XMAL's journey and anticipate many more successful ventures together.” Challenges and Industry Implications Despite the positive outlook, both World Star Aviation and XMAL face considerable challenges as they navigate the competitive global airline industry. Ensuring the financial sustainability of the lease and managing the operational complexities inherent in cross-border partnerships will be critical to the deal’s success. Market sentiment towards business jets remains cautious, as underscored by recent analysis from Jefferies, which may influence investor and industry responses to such transactions. The aircraft leasing sector is likely to witness strategic responses from competitors aiming to secure comparable high-profile deals or reinforce existing partnerships to maintain their market positions. As XMAL establishes its footprint in the international leasing arena, the outcome of this initial transaction with easyJet will be closely monitored by industry stakeholders. The collaboration between World Star Aviation and XMAL, supported by KEB Hana Bank, sets a precedent for future partnerships and highlights the evolving dynamics within the global aircraft leasing market.

AerFin Completes First Aircraft Disassembly at Hong Kong International Airport AerFin, a prominent aviation asset specialist, has achieved a significant industry milestone by completing the first commercial aircraft disassembly at Hong Kong International Airport (HKIA). This pioneering operation highlights AerFin’s dedication to operational excellence and sustainable aviation practices, while also demonstrating the company’s agility in navigating the complexities of a rapidly changing global supply chain environment. Complex Operation in a Busy Airport Environment The project involved the acquisition and systematic disassembly of six Airbus A330-200 aircraft that had been grounded at HKIA since 2018. Conducting such a technically demanding operation within one of the world’s busiest airports—handling over 1,000 daily flights—required meticulous planning and seamless coordination with multiple stakeholders. AerFin collaborated closely with the Hong Kong Civil Aviation Department (HKCAD), Airport Authority Hong Kong (AAHK), HAECO, and Great China Aviation Consulting (GCAC) to ensure compliance with stringent safety, regulatory, and environmental standards. One of the primary challenges was the safe handling and removal of Pratt & Whitney PW4000 engines. This task necessitated advanced technical planning and innovative engineering solutions to manage the disassembly and logistics without disrupting the airport’s ongoing operations. To mitigate potential interference, AerFin and its partners established a dedicated protected disassembly bay on-site, marking a first for HKIA. Simon Goodson, AerFin’s Chief Executive Officer, emphasized the project’s alignment with the company’s core values. He stated, “This project embodies the AerFin way—a unique blend of commercial insight, operational rigour, and technical excellence. Our team collaborated closely with operators and stakeholders over many months to develop a practical, safe, and efficient disassembly plan, which we executed with precision and professionalism.” Strategic Implications Amid Global Supply Chain Shifts Beyond its technical achievements, the project carries broader strategic significance. As global supply chains become increasingly complex due to shifting tariffs and evolving trade policies, AerFin’s capability to perform such operations at a major international hub enhances its position in supply chain diversification. Airlines and maintenance providers are reassessing vendor networks, parts sourcing, and aircraft selection based on manufacturing origins, while competitors adjust trade routes, network planning, and capacity deployment. The air cargo sector, in particular, faces mounting pressure to revise supply chain strategies amid ongoing policy uncertainties. In 2024, AerFin expanded its strategic inventory by securing 18 of the 32 Airbus A330ceo aircraft permanently retired from commercial service. This acquisition significantly bolsters the company’s stock of high-quality, cost-effective components, enhancing its ability to support A330ceo operators globally. The expanded inventory offers improved value, availability, and comprehensive lifecycle support across the platform. Through this landmark project, AerFin not only affirms its technical and operational leadership but also underscores its resilience and adaptability within a dynamic global aviation market.