The global aircraft aftermarket parts market is projected to grow from $31.22 billion in 2021 to $47.33 billion in 2028 at a CAGR of 6.12% in the forecast period
The global aircraft aftermarket parts market size is expected to showcase exponential; growth by reaching USD 47.33 billion by 2028. Fortune Business Insights in its latest report, titled, “Aircraft Aftermarket PartsMarket, 2021-2028.”,
The aircraft aftermarket parts market stood at USD 29.44 billion in 2020 and is projected to exhibit a CAGR of 6.12% between 2021 and 2028. This is attributable to the factors such as increasing adoption of advanced technologies such as big data and digitization in the aftermarket operations and the surging demand for effective MRO services worldwide. In March 2021, MAAS Aviation announced its partnership with FL Technics to develop a state-of-the-art aircraft aftermarket maintenance facility in Lithuania. The facility will enable MAAS Aviation’s MRO capacity to increase by 40% across Europe and help to service more airlines during peak seasons.
The effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Based on parts type, the aircraft aftermarket partsmarket is bifurcated into MRO parts and rotable replacement parts. On the basis of component type, the market is segmented into engine, airframe, interior, cockpit systems, and others. Moreover, on the basis of platform, the market is segregated into narrow-body, wide-body, and regional aircraft. Lastly, on the basis of region, the market is categorized into Rest of the World, Asia-Pacific, North America, and Europe.
What does the Report Include?
Themarket report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
Increasing Demand for MRO Services to Promote Growth
Maintenance, Repair, Overhaul (MRO)services are essential to ensure the safety and fly worthiness of the aircraft. It is necessary for airline operators to maintain international flying standards and therefore MRO plays a pivotal part. Several countries are focusing on upgrading their air services with the addition of advanced aircraft fleets. This is likely to facilitate the demand for aftermarket service components across the globe. Additionally, the increasing adoption of advanced technologies such as big data to streamline the operation processes of the aircraft maintenance services is expected to contribute to the global aviation PMO parts market growth in the forthcoming years.
Further Report Findings:
· North America stood at USD 11.45 billion in 2020. The region is expected to hold the largest position in the market during the forecast period backed by the presence of established commercial aircraft manufacturers such as Collins Aerospace, Boeing Company, and others.
· The market in Rest of the World is expected to experience considerable growth backed by the increasing number of next-generation aircraft fleets in the Middle Eastern countries of Saudi Arabia, UAE, etc., that will favor the adoption of advanced aviation PMO parts in the region between 2021 and 2028.
· Based on the parts type, the MRO parts segment held a global aircraft aftermarket partsmarket share of about 66.9% in 2020 and is expected to showcase considerable growth during the forecast period. This is owing to the increasing adoption of next-generation aircraft that require period maintenance, which, in turn, will boost the adoption of advanced Aircraft Aftermarket Parts worldwide.
Contract Signing by Prominent Companies to Consolidate their Market Positions
The market is fragmented by the presence of key players striving to maintain their dominance by signing significant contracts with government agencies and other organizationsto expand their product portfolio. Moreover, the major companies are adopting strategies such as partnership, collaboration, and facility expansion to develop advanced radar systems to cater to the growing demand for industrial applications.
February 2021 - StandardAero, a leading provider of MRO services, announced itsacquisition of Signature Aviation’s Engine Repair and Overhaul (ERO) business. This agreement is a boost in the arm of the company’s aviation PMO parts business.
List of the Companies Profiled in the Global Market:
· The Boeing Company (The US)
· Collins Aerospace (The US)
· Honeywell International Inc. (The US)
· General Electric Company (The US)
· Eaton Technologies (The US)
· Meggitt PLC (The UK)
· UTC Aerospace Systems (The US)
· AJW Group (The UK)
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