New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Refurbishing Global Market Report 2023" - https://www.reportlinker.com/p06466621/?utm_source=GNW
The global aircraft refurbishing market is expected to grow from $5.53 billion in 2022 to $5.95 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aircraft refurbishing market is expected to reach $7.75 billion in 2027 at a CAGR of 6.8%.
The aircraft refurbishing market includes revenues earned by entities by providing engine, cabin interior, and airframe refurbishing services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Aircraft refurbishing refers to the process of replacing and maintaining an aircraft, which involves examination, overhaul, replacement, correction of flaws, and other adjustments.Refurbishing an aircraft’s interior entails modernizing, swapping out, and upgrading its interior components.
Aircraft are frequently updated by owners to improve comfort, appearance, functionality, and resale value.
North America was the largest region in the aircraft refurbishing market in 2022. The regions covered in the aircraft refurbishing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main aircraft types of aircraft refurbishing are very light aircraft, wide-body aircraft, narrow-body aircraft, large-body aircraft, and VIP aircraft.A very light aircraft is one that fits the JAR-VLA criteria for a very light aircraft by having no more than two seats, weighing no more than 750 kilograms, and stalling at no more than 45 knots while in landing configuration.
The various fitting types include retrofit, IFEC (in-flight entertainment and connectivity), and passenger seats.The various refurbishing services include interior and exterior.
These are used by various end users such as government and commercial.
Growing air passenger traffic is expected to propel the growth of the aircraft refurbishing market going forward.Air passenger traffic refers to the volume of air passengers commuting; it comprises both domestic and international flight passengers of air carriers registered in the country.
Aerospace refurbishment is necessary to maintain an aircraft’s full operational capability and safety for its crew, passengers, and anybody who works on it, as a result, increasing air passenger traffic increases the demand for the aircraft refurbishing market. For instance, in July 2022, according to the Airport Council International (ACI), a Canada-based organization for airport authorities, in 2021, 4.6 billion people travelled via airports worldwide, an increase of 28.3% from the previous year, and a record 125 million metric tons of freight were carried in the air. Therefore, the increase in air passenger traffic drives the aircraft refurbishing market.
Investments in the refurbishment of the aircraft fleet interiors are the key trend gaining popularity in the aircraft refurbishing market.Major companies operating in the aircraft refurbishing market are investing in the refurbishment of aircraft to strengthen their position.
For instance, in August 2022, Emirates, a UAE-based airline invested $2 billion in the refurbishment of the aircraft fleet interiors. This investment is to upgrade cabin interiors in all classes and to enhance its inflight customer experience.
In February 2023, Flexjet, a US-based airline company acquired Constant Aviation for an undisclosed amount.With this acquisition, Flexjet expands its aviation maintenance support infrastructure in business aviation and plans to build new facilities at Sanford, expanding its maintenance footprint in the heart of Florida.
Constant Aviation is a US-based company that provides aviation maintenance, repair, and overhaul (MRO) services.
The countries covered in the aircraft refurbishing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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