Global aircraft aftermarket parts Market Driven by growing investments
According to the latest report by Market Research Future, the global aircraft MRO market is slated to record a substantial valuation by 2023, at a CAGR of 7.63% over the review period.
The increasing fleet of aging military aircraft and commercial aircraft fleets are some of the key drivers for the global Aircraft Aftermarket Parts Market growth over the forecast period. increasing spending on MRO facilities is likely to create a vast scope of opportunities for market players in all regions. Factors such as the shifting focus on research and the rising number of retired aircraft are expected to fuel the market growth in the assessment period.
The key players identified in the global aftermarket parts market by MRFR are AAR (US), Eaton (Ireland), A.J. Walter Aviation Limited (UK), Aviall (US), General Electric (US), Honeywell International Inc. (US), Parker Hannifin Corporation (US), Meggitt PLC (England), Collins Aerospace (US), and Kellstrom Aerospace (US).
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Segmental Analysis
The global market for aircraft aftermarket parts has been segmented on the basis of parts, application, and region.
Based on the parts, the global aircraft aftermarket parts market has been classified as consumable, rotatable scrap replacement parts, MRO parts, and expendable. The MRO parts segment is expected to be the largest while the rotatable scrap replacement parts segment is estimated to be the fastest-growing during the forecast period, owing to the demand and revenue generation from these segments.
On the basis of the application, the aircraft aftermarket parts market has been segmented into commercial and military. The commercial segment is anticipated to be relatively larger, and the military segment is likely to register the higher CAGR during the review period.
Regional Analysis
The global market for aircraft aftermarket parts is segmented on the basis of region, into Asia Pacific, Europe, North America, and the rest of the world (Including Latin America and the Middle East and Africa).
North America is identified as the largest region in terms of value, globally, and is anticipated to account for the most significant market share over the review period. This is accredited to the early adoption of technological advancements in the region, which has led to a developed aviation sector in the region. Thus, there are significant market players present in the region, and the accessibility of funds, government support towards research and development activities, among others, offer positive factors for the growth of the global aircraft aftermarket parts market over the forecast period.
The European aircraft aftermarket parts market has been assessed as the second largest region globally, in terms of value. It is likely to retain this significant market standing over the review period. This is attributed o the growing aircraft up-gradation projects being undertaken in developing countries such as Germany and France. This factor is expected to contribute substantially towards the market growth over the review period.
The Asia Pacific region is also one of the major regions in terms of value in the global market for aircraft aftermarket parts and is expected to record a substantial growth rate over the review period. There are many budding nations in the Asia Pacific, which leads to a vast scope of growth opportunities over the review period. The positively changing economic scenarios of the emerging countries such as India, China, Singapore, Japan, and Thailand, among others, has led to the adoption of superior quality small and medium wide-body aircraft. The increasing per capita disposable income of consumers has also increased air travel. furthermore, the low labor rates in this region have led to urbanized countries of North America and Europe to outsource their heavy maintenance and airframe MRO projects to Asian countries, which offers another foremost source of revenue. These factors are poised to continue to drive the aircraft aftermarket parts market in the Asia Pacific over the review period.
Key Developments
In January 2019, AAR signed a seven-year contract with the Danish Defence Acquisition and Logistics Organisation (DALO) to provide MRO services for Pratt & Whitney F100-220 engine components.
In November 2018, AAR signed a five-year contract worth USD 51 million with the US Marshals Service (USMS) to provide maintenance and logistics support services for the Boeing 737 series aircraft.
In March 2019, A.J. Walter Aviation Limited signed a contract with SmartLynx Airlines to provide consumables and expendables.
Key questions addressed by the report
- What was the historic market size (2017)?
- Which segmentation (Parts/Application) is driving market growth?
- What will be the growth rate from 2018 to 2023?
- Who are the key players in this market?
- What are the growth strategies adopted by the key players?
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Study Objectives of Commercial Aircraft Aftermarket Parts Market
• To provide detailed analysis of the market structure along with forecast for the next 5 years of the various segments and sub-segments of the Global Commercial Aircraft Aftermarket Parts market
• To provide insights about factors affecting the market growth
• To analyse the aircraft aftermarket parts Market based on various factors- price analysis, supply chain analysis, porter’s five force analysis etc.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
• To provide country-level analysis of the market with respect to the current market size and future prospective
• To provide country-level analysis of the market for segment by parts and aircraft types.
• To provide strategic profiling of key players in the market, comprehensively analysing their core competencies, and drawing a competitive landscape for the market
• To track and analyse competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Aircraft Aftermarket Parts Market.
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