Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- The global aircraft aftermarket parts market size is expected to gain momentum by reaching USD 47.33 billion by 2028 while exhibiting a CAGR of 6.12% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Aircraft Aftermarket Parts Market, 2021-2028.” The report further mentions that the market stood at USD 29.44 billion in 2020. Factors such as the increasing number of phasing out of the aging aircraft and the estimated growth in air travel in near future are expected to favor the product’s demand. For instance, according to Airbus SAS, the growth of passenger fleets will double from 21,000 aircraft in 2019 to 45,000 by 2035 due to the rising air travel worldwide.
The aircraft aftermarket parts market refers to the industry involved in supplying replacement parts, components, and equipment for aircraft after they have been manufactured and delivered to airlines or other operators. These aftermarket parts are necessary for maintenance, repair, and overhaul (MRO) activities to ensure the safe and efficient operation of aircraft.
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List of Key Players Profiled in the Aircraft Aftermarket Parts Market Report:
- 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)
Report Scope and Segmentation-
| ATTRIBUTE | DETAILS |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 6.12% |
| 2028 Value Projection | USD 47.33 billion |
| Market Size in 2021 | USD 31.22 billion |
| Historical Data | 2017- 2019 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Aircraft Aftermarket Parts Market Growth Drivers | Subsequent Demand for MRO Services to Propel Market Growth |
| Increasing Number of Retired Aircraft to Facilitate the Used Serviceable Materials (USM) |
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https://www.fortunebusinessinsights.com/aircraft-aftermarket-parts-market-105451
Fleet Expansion and Ageing Aircraft: As airlines expand their fleets or replace older aircraft, there is a growing demand for aftermarket parts to support maintenance activities. Ageing aircraft require more frequent repairs and replacements, driving the market for parts and components.
Technological Advancements: With the introduction of new aircraft models and technological advancements, there is a need for compatible aftermarket parts to support these innovations. This includes components for advanced avionics systems, engines, and other critical aircraft systems.
Market Segmentation:
Based on parts type, the market is bifurcated into MRO parts and routable replacement parts.
Based on parts type, the MRO parts segment held a market share of about 66.9% and is expected to dominate during the forecast period. This is due to increasing demand for the maintenance of next-generation aircraft worldwide.
On the basis of component type, the market is categorized into an engine, airframe, interior, cockpit systems, and others. Moreover, on the basis of platform, the market is segmented into narrow-body, wide-body, and regional aircraft. Lastly, on the basis of region, the market is divided into the Rest of the World, Asia-Pacific, North America, and Europe.
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DRIVING FACTORS
Increasing Adoption of IoT in the Manufacturing Sector to Promote Growth
IoT ensures advanced connectivity options across industrial applications for the production and control of machines through satellites. They further aid in exchanging real-time data to improve the production and operations of the industries. In the manufacturing sector, IoT-enabled devices adopt satellite connectivity for data transmission between the systems and components. Owing to their several benefits, such as process automation, the surging adoption of IoT is likely to favor the global small satellite market growth during the forecast period.
REGIONAL INSIGHTS
North America – The region is expected to dominate the market and hold the largest global Aircraft Aftermarket Parts market share during the forecast period. This is attributable to the increasing investment by the companies to expand their aftermarket service facilities in countries such as the U.S. North America stood at USD 11.45 billion in 2020.
Asia-Pacific – The region is expected to showcase significant growth backed by the increasing focus of the manufacturers to establish aftermarket hubs in countries such as Singapore, Japan, and Australia that will drive the adoption of aviation PMO parts in the region.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Aircraft Aftermarket Parts Market
- Impact of the COVID-19 Pandemic on the Market
- Steps Taken by Industry/ Companies/ Governments to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential Opportunities due to COVID-19 Outbreak
- Global Aircraft Aftermarket Parts Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Parts Type
- MRO Parts
- Rotable Replacement Parts
- Market Analysis, Insights and Forecast – By Component Type
- Engine
- Airframe
- Interior
- Cockpit Systems
- Others
- Market Analysis, Insights and Forecast – By Aircraft Type
- Narrow-body
- Wide-body
- Regional Aircraft
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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