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 Parts Market, 2021-2028.”, observes that the 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.
Market Segmentation:
Based on parts type, the aircraft aftermarket parts market 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?
The market 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.
DRIVING FACTORS
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.
Industry Development:
February 2021 - StandardAero, a leading provider of MRO services, announced its acquisition 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)
Browse Summary
https://www.fortunebusinessinsights.com/aircraft-aftermarket-parts-market-105451
