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Exploring innovation and market structure of the global aerospace industry
(2022-03-03) Drellias, Evangelos; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos; Zacharias, Eleftherios; Genakos, Christos
Increased market competition, new market opportunities, internal pressure and macroeconomic uncertainties, can significantly influence the decision for launching a new product in a competitive market. As a result, firms in many industries, constantly adjust their product line strategy regarding the entrance and exit of new products. Using a novel dataset containing all aircrafts of the commercial global aerospace industry since 1957, I specify the key characteristics that influence the duration of life of airplanes in the market. I empirically examine the effects of the specified factors on the probability of exit, both for the overall market and for four major segments (Small, Medium, Large and Heavy). The resulting estimates document that rivalry threat affects positively the probability of exit, whereas increased market power has the opposite effect. I also show that strong fixed effects about innovation and technological characteristics of the airplane are heavily affecting its performance in the market, whereas macroeconomic shocks significantly affect the decision for exit. The examination of the aforementioned concepts across segments and time, is a basic framework for capturing the industry dynamics that drive the evolution of the aerospace industry.