(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Sept. 21, 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 2023 and 2028. This information is published by Fortune Business InsightsTM in its report, titled, “Aircraft Aftermarket Parts Market, 2023-2028.” 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.
Some current trends in the aircraft aftermarket parts market include a growing emphasis on sustainability and the use of sustainable materials, increased digitalization and data-driven decision-making in maintenance processes, and a focus on cost-effective solutions for airlines.
h an expanding global aviation industry and a growing need for aircraft maintenance and retrofitting, there are significant opportunities for companies that can provide high-quality aftermarket parts and services.
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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 || 2023-2028 |
| Forecast CAGR || 6.12% |
| 2028 Value Projection || USD 47.33 billion |
| Market Size in 2023 || 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 || |
Parts Type By Component By Aircraft Type
| Regions Covered || |
North America Europe Asia Pacific Latin America Middle East and Africa
| 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) |
Browse Detailed Summary of Research Report with TOC:
Key aspects of the aircraft aftermarket parts market include:
Maintenance, Repair, and Overhaul (MRO): This is a significant component of the aftermarket parts market. MRO providers are responsible for inspecting, repairing, and maintaining aircraft to ensure they meet safety and regulatory standards. They rely heavily on aftermarket parts to replace worn or damaged components.
Distribution Channels: Aftermarket parts are distributed through various channels, including Original Equipment Manufacturers (OEMs), independent distributors, and online marketplaces. OEMs often have their own aftermarket divisions to supply genuine parts, while independent distributors offer a wider range of options.
Types of Parts: The aftermarket parts market covers a wide range of components, including engines, avionics, landing gear, airframe structures, interior fittings, and more. These parts can be new, used (remanufactured or refurbished), or overhauled.
Regulatory Compliance: Aviation is a highly regulated industry, and aftermarket parts must meet stringent safety and quality standards to ensure airworthiness. Regulatory bodies like the FAA (Federal Aviation Administration) in the United States and EASA (European Union Aviation Safety Agency) in Europe set guidelines and certifications for aftermarket parts.
Global Market: The aircraft aftermarket parts market is global in nature, with demand coming from airlines, military forces, cargo operators, and general aviation. It is influenced by factors such as fleet size, age of aircraft, and economic conditions.
Technology Advancements: Advancements in materials science, manufacturing technologies, and data analytics are driving innovations in the aftermarket parts market. For example, the use of 3D printing and predictive maintenance technologies is becoming more common.
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 maintenance of next-generation aircraft worldwide.
On the basis of component type, the market is categorized into 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 Rest of the World, Asia-Pacific, North America, and Europe.
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Increasing Adoption of IoT in 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.
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:
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
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