Boeing Industry Brief Essay

430 WordsMar 28, 20132 Pages
Boeing Company is in the manufacturing industry of complete aircraft, aircraft engines, propulsion units and other related equipment or parts; they develop and make prototypes of aircraft and complete aircraft overhaul and rebuilding. Major competitors are United Technologies Corp., Lockheed Martin Corporation, Northrop Grumman Corp., and General Electric Company. The Boeing Co., owns a whopping 34.8% of the market share in this industry, more than double the amount of their largest competitor, United Technologies. Boeing and their competitors have seen a sharp increase in fuel prices and airlines around the globe have a need to renew or expand their current fleets. The overseas exporting market is seeing ongoing recovery, representing the industry’s largest market. This is largely due in part to the American dollar not being as strong as oversees currency, allowing for American made products to be cheaper through exports (imports for buyers). The industry is estimated to grow 2.8% per year up to 2017. With strong domestic and international demand and a decrease in federal funding, Boeing Co., must incorporate technological improvements to drive growth in the next 5 years to maintain their share of the market. With fuel costs on the rise, Boeing will be forced to create airplanes and parts that can be designed to minimize fuel consumption, thus increasing revenue for the company. Airline companies want a product that is more fuel efficient and will utilize any manufacturer that will reduce their overall fuel consumption costs. In order for Boeing to meet their customer demands and to significantly capitalize on this market in the future, they must reinvent their research and development department. Boeing is the future and must envision the future. Although the airline industry has a limited array of companies to choose from when ordering

More about Boeing Industry Brief Essay

Open Document