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Amazon should take advantage of the depressed price of aircraft to drastically increase the size of its fleet and take on the increased demand for delivery services, according to Bank of America analyst Justin Post.
By taking advantage of the "golden opportunity," Post says that Amazon would increase its one-day shipping capabilities and provide more competition to FedEx and UPS.
The cost of leasing a B747-8F plunged by 13 percent since January, while B777s and Airbus 330s are cheaper by 10 percent due to airlines cutting back on capacity as the aftermath of the pandemic.
Amazon plans to increase the fleet size of its Prime Air to as much as 70 planes by 2021, up from 50 in 2019.
FedEx has 463 planes, while UPS has 275.
Amazon is already expanding to the delivery services industry from merely shipping goods from its fulfillment centers.
Amazon's shipping service directly competes with the likes of FedEx and UPS.
The threat prompted FedEx to end its ground delivery contract with Amazon.
Post sees Amazon's delivery capabilities potentially growing in market value of $75 billion to $171 billion in the U.S. in 2025.
