The global aircraft aftermarket parts market is expected to register a 7.63% CAGR during the forecast period of 2017 to 2023
Key players leading the global aircraft aftermarket parts market include A.J. Walter Aviation Limited (UK), AAR (US), Aviall (US), General Electric (US), Eaton (Ireland), Honeywell International Inc. (US), Parker Hannifin Corporation (US), Meggitt PLC (England), Kellstrom Aerospace (US), and Collins Aerospace (US) among others.
Aircraft aftermarket parts are the components used during upgrade and maintenance, repair, and operations (MRO) activities. Aircraft are designed to serve long, while still complying with the stringent regulations. However, ensuring timely maintenance is essential to keep up with their smooth operations.
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Besides, regular MRO check-ups ensure efficient performance and safe air travel. And, human lives safety being a paramount concern, the aircraft aftermarket parts market invariably enjoys an exponential demand on the global platform.
The ever-increasing aircraft aftermarket parts market has transformed rapidly over the past couple of decades owing to the growing number of aircraft fleets and the aging ones defining the replacement opportunities.
PMA suppliers (parts manufacturer approve) and OEMs (original equipment manufacturers) predominantly drive the growth of the market, exclusively manufacturing these parts using their years of sedulous experience.
The emergence of new maintenance and planning models is prompting OEMs & PMAs to dive deepest into each part of every asset. Market players are trying to match pace with the new industry standards, are keeping themselves abreast of the latest technologies.
Acknowledging the seminal work of the market players and evaluating their business strategies that place them at the forefront of the market, Market Research Future (MRFR), in its recently published study analysis asserts that the global aircraft aftermarket parts market will upsurge exponentially by 2023, registering a CAGR of 7.63% throughout the forecast period (2018 – 2023).
Growing digitization and the advancements in related technologies define the growth landscape of the market. Moreover, Industry 4.0, including simulation, sensors, and virtual reality is expected to transform aviation manufacturing and product life cycles, which in turn, would fuel the aviation aftermarket parts market growth to an extent.
Additional factors that are bolstering the growth of the market include increased air travel rate and augmented demand for aircraft across the globe.
Moreover, factors such as the augmenting demand for aftermarket parts from the emerging economies and improvement in the economic conditions, globally are some of the prominent factors providing impetus to the growth of the Aircraft Aftermarket Parts Market. Similarly, factors such as new aircraft orders, and demand for lightweight aircraft are propelling the market growth.
Conversely, the market growth is challenged by the invariably delayed custom clearance and high import duties charged for aircraft spare parts in addition to the value-added taxes. Nevertheless, availability of the aviation aftermarket parts on e-platforms coupled with the availability of cost-competitive PMA parts would support the market growth. Also, the introduction of the Total Care Program would foster market growth during the anticipated period.
Aircraft Aftermarket Parts Market – Segmentation
For a better understanding, the report has been segmented into three key dynamics:
By Parts : MRO Parts and Rotatable Scarp Replacement.
By Application : Commercial and Military.
By Region : Asia Pacific, North America, Europe, and Rest of the World.
Aircraft Aftermarket Parts Market – Regional Analysis
North America, heading with the augmenting demand generated from private and commercial jets, would retain its dominance over the global aircraft aftermarket parts market throughout the forecast period. Besides, the presence of large aftermarket parts providers and avionics suppliers in the region impacts the growth of the market, positively. The US and Canada account for the major markets in the region.
Due to the rising spending on MRO facilities that is expected to create additional opportunities for the market players in the region, North America would register a CAGR of 27.26% throughout the forecast period.
The aircraft aftermarket parts market in the European region accounts for the second largest market, globally. Europe is already a substantially large aviation market with a number of operational aircraft and business jets. Moreover, the rise in demand for new aircraft alongside the increasing MRO is expected to provide a substantial impetus to the growth of the aftermarket parts market in the region.
Some of the leading players such as A.J. Walter, Eaton, and Meggitt PLC are positively impacting the growth of the regional market, meeting the augmenting demand from the burgeoning aviation sector.
The Asia Pacific aircraft aftermarket parts market has emerged as a promising market, globally. Factors such as the rapidly growing aviation industry alongside the growing air travels are propelling the regional market.
The region has long been attracting foreign aftermarket parts manufacturers with the ample availability of cost-competitive workforce and the raw materials required for the production. As a result, many global players are shifting their production bases to some of the rapidly developing countries such as China and India, which, in turn, fuels the growth of the market.
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