Europe's aerospace and defence industries had a stellar 2024, with turnover jumping 10.1% to $378 billion, and direct employment hitting 1.1 million, according to the industry group ASD (via Reuters).
Defence led the charge, surging 13.8% to €183.4 billion as nations ramped up spending amid security concerns driven by the war in Ukraine.
Civil aviation also climbed 6% to €129.1 billion, buoyed by recovering air traffic and demand for fuel-efficient aircraft, even as supply-chain bottlenecks and labor shortages lingered.
The space sector grew more modestly, up 3.1% to €13.2 billion.
ASD President Micael Johansson warned that Europe cannot take its high-tech edge for granted, urging the EU to adopt a stronger industrial strategy for civil aviation and continue investing in defence.
R&D spending rose 9.4% to €25.2 billion, though Europe still trails global rivals in innovation.
In total, this is more than 4,000 companies supporting 4.2 million jobs across Europe.
Further reading: Global arms industry hits record revenue: Here's how much the world's largest producers made.