NURTURING AEROSPACE SMES IN BENGALURU: AN EXPLORATORY FACTOR ANALYSIS ON GROWTH AND SUSTAINABILITY DRIVERS

Abstract

The aerospace industry in Bengaluru, India, is home to over 3000 small and medium-sized enterprises (SMEs) operating alongside prominent aerospace giants. However, while some SMEs have achieved remarkable growth and success, others need help to sustain themselves in this competitive market. Understanding the factors supporting these aerospace SMEs' growth and long-term sustainability is vital for the industry's continuous development and regional economic prosperity. This paper explores the factors supporting the growth and sustainability of aerospace SMEs in Bengaluru. Employing exploratory factor analysis, the study identifies three key factors: Customer and Supplier Engagement, Synergistic Business Strategies, and Collaborative Performance. These factors play crucial roles in shaping the success of aerospace SMEs, fostering innovation, and ensuring long-term viability. The research provides valuable insights for policymakers, entrepreneurs, and industry stakeholders to strengthen the aerospace ecosystem in Bengaluru. Policymakers can formulate supportive policies and initiatives, while industry stakeholders can forge strategic collaborations. By leveraging the findings, SMEs can enhance competitiveness, foster innovation, and establish sustainable growth trajectories. Continued research in this direction will contribute to the overall development of the aerospace industry in Bengaluru and enable it to maintain its status as the hub of Indian Aerospace.