Market Synopsis
The Research Analysts at Market Research Future Reports (MRFR), have thoroughly evaluated the global Narrowbody Aircraft MRO Market. As per the analysis, the global narrowbody aircraft MRO market is projected to grow at CAGR of 5.24% during the assessment period. The growing manufacturing of aircraft is estimated to drive the global COVID-19 Pandemic Impact on Narrowbody Aircraft MRO Market. Besides, the growing collaboration between the renowned and established narrowbody aircraft MRO providers is another pivotal factor leading to market growth. In addition, the development of new facility like offering heavy maintenance services to all narrowbody platforms comprising of new-generation aircraft. Furthermore, the inclination towards radio-frequency identification and incorporation of portable equipment for a better generation of revenue are other substantial factor leading to the expansion of the market during the assessment period.
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Also, the larger procurement of narrowbody aircraft, outsourcing of MRO actions, usage of 3D manufacturing in aircraft components is other essential factors leading to the growth of the market. Besides, various countries are expanding their aircraft fleet, which brings a direct impact on market growth.
On the contrary, the expenses associated with aircraft repair and growing environmental concerns are projected to hamper market growth. Also, the worn-out aircraft with the latest technologies can further act as an obstacle in the market expansion. In addition, the disruption of COVID-19 has affected the market negatively leading to a significant downfall of market trajectory.
Key Players
The established players of the Global COVID-19 Pandemic Impact on Narrowbody Aircraft MRO Market are AIR FRANCE KLM (France), AAR (US), Delta TechOps (US), Iberia Maintenance (Spain), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik (Germany), Singapore Technologies Engineering Ltd (Singapore), SIA Engineering Company (Singapore), TAP Maintenance & Engineering (Spain), and Indamer Aviation Private Limited (India), and Turkish Technic Inc. (Turkey).
Market Segmentation
Global COVID-19 Pandemic Impact on Narrowbody Aircraft MRO Marketcan be segmented on the basis of application, type, and region.
Based on application, the global narrowbody aircraft MRO can be distinguished into commercial air transport and business & general aviation.
Based on type, the global narrowbody aircraft MRO can be distinguished into airframe & modification, engine, component, and line maintenance.
Based on region, the global narrowbody aircraft MRO can be distinguished into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Regional Analysis
Global COVID-19 Pandemic Impact on Narrowbody Aircraft MRO Market is expected to grow significantly during the assessment period. A thorough analysis of North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America has been carried out. As per the evaluation, the global market is projected to be dominated by North America. North America led the market in 2020 and is likely to maintain its position during the assessment period. The region is technically developed, giving a superior position to the region. Besides, the presence of several established players is likely to strengthen the regional market. Also, the rise in the number of flights in the region has further fueled the market. In addition, international long-haul routes are establishing the market.
On the other side, the APAC region is projected to expand at the highest CAGR during the assessment period. The growing traffic congestion in countries such as China and India are likely to affect the market positively during the assessment period. Also, the European region is estimated to be a potential player presenting lucrative opportunities for market expansion. Therefore, Europe is projected to be a potential competitor owing to the presence of primary MRO service provider such as Lufthansa Technik.
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