Although air travel has been hit hard by the pandemic, we see a number of long-term trends that are worth monitoring. To start, the average age of aircrafts in the U.S. has been steadily rising over the past few years, and demand for aircrafts is expected to grow at an annualized rate of 4% through 2038. At the same time that demand is rising, airlines are expected to reduce the number of different types of aircrafts that they fly. Furthermore, the share of the global fleet that is leased continues to rise. This points to opportunity in the sector, particularly for asset owners, as the global economy moves beyond COVID.