(MENAFN- GlobeNewsWire - Nasdaq) The global air transport MRO market is experiencing growth due to growth in passenger and cargo air traffic, aging aircraft fleets, innovations in aircraft technology, and expansion of airline networks and routes.
Wilmington, Delaware, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “ Air Transport MRO Market by Aircraft Type (Narrow Body Aircraft, Propeller Aircraft, Rotary Aircraft, Private Jet, and Wide Body Aircraft), Organization Type (Airline, Independent MRO, and OEM MRO), Service Type (Engine overhaul, Airframe maintenance, Line Maintenance, Modifications, and Components), and End Use (Commercial Aviation, Business and General Aviation, and Military): Global Opportunity Analysis and Industry Forecast, 2023-2033”. The global air transport MRO market was valued at $86.5 billion in 2023 and is estimated to reach $130.8 billion by 2033, exhibiting a CAGR of 4.5% from 2024 to 2033.
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Prime determinants of growth
The global air transport MRO market is experiencing growth due to growth in passenger and cargo air traffic, aging aircraft fleet, innovations in aircraft technology, and expansion of airline networks and routes. However, high operational costs, and skilled workforce shortage hinder the market growth. Moreover, adoption of predictive maintenance and expansion into emerging markets create lucrative opportunities in the global air transport MRO market.
Segment Highlights
By aircraft type, the narrow body aircraft segment is expected to lead the market. The sales of narrow body aircraft are expected to increase due to the surge in short-haul and regional travel demand, driven by the growing popularity of low-cost carriers. Airlines favor these aircraft for their fuel efficiency, operational cost-effectiveness, and flexibility in serving both high-traffic and emerging routes. Additionally, advancements in technology are enhancing their performance and appeal, making narrow body aircraft a preferred choice for expanding fleets and meeting the evolving needs of modern air travel.
By organization type, the airline segment is expected to have the highest market share. The sales of the airline segment are expected to rise as global air travel demand continues to rebound, driven by economic growth and increased connectivity. Airlines are expanding their fleets to accommodate more passengers and routes, focusing on modern, fuel-efficient aircraft to enhance profitability and sustainability. Additionally, the growth of emerging markets and the rise of low-cost carriers are further fueling fleet expansions, ensuring robust sales within the airline segment as they strive to meet evolving passenger needs.
By service type, the engine overhaul segment is projected to hold the maximum market share. The sales of the engine overhaul segment are expected to increase as aircraft fleets age and the demand for maintenance increases. Airlines are prioritizing engine overhauls to ensure peak performance, fuel efficiency, and regulatory compliance. The rise in global air traffic necessitates frequent engine maintenance to minimize downtime and enhance safety. Additionally, advancements in engine technology require specialized overhaul services, driving the growth of this segment as airlines seek to optimize their operational efficiency and reliability.
By end use, the commercial aviation segment is expected to have the highest market share. The sales of the commercial aviation segment are set to rise due to the resurgence in global travel and tourism, coupled with increasing business travel. Airlines are expanding their fleets and upgrading existing ones to accommodate the growing passenger demand. The emergence of new markets and routes, along with advancements in aircraft technology, further propels this growth. Additionally, the focus on sustainability and fuel efficiency drives airlines to invest in newer, more efficient aircraft, thereby boosting sales in the commercial aviation segment.
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Regional Outlook
By region, Asia-Pacific is expected to witness rapid growth in the air transport MRO market due to several factors. Rapid economic development across the region fuels a surge in air travel demand, prompting airlines to expand their fleets and increase their MRO activities. Moreover, the rise of low-cost carriers and the emergence of new routes cater to the burgeoning middle-class population's travel aspirations. Additionally, supportive government policies and investments in infrastructure bolster the region's aviation industry. These combined factors position the Asia-Pacific region as a dynamic and lucrative hub for MRO services with unparalleled growth potential.
Players:
Deutsche Lufthansa AG John Swire And Sons (H.K.) Ltd. Israel Aerospace Industries (IAI) United Technologies Corporation (Pratt And Whitney Division) Delta TechOps Airbus S.A.S. GE Aviation TIMCO Aviation Services, Inc. Collins Aerospace AAR Corporation
The competitive landscape of the air transport MRO market is characterized by intense rivalry among industry players striving to gain market share and maintain competitive advantage. Key factors influencing competition include service quality, technological capabilities, pricing strategies, and global reach. Established players often leverage their extensive experience and partnerships with airlines and OEMs to secure contracts and expand their customer base. Additionally, the market is expected to witness the entry of new players, driving innovation and pushing existing companies to continuously improve their offerings to stay ahead in this dynamic and competitive environment.
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Recent Development:
In December 2023, Lufthansa Group announced an order for 40 Airbus A220s. With this order for 40 more Airbus A220s, the company leads to continue the unique partnership with Airbus. With its latest order, Lufthansa reinforces its longstanding relationship with Airbus. Since the introduction of the A300 in the 1970s, Lufthansa Group has operated every member of the Airbus product family, including the A220, A320 Family, A330/A340, A350, and A380. In April 2024, GE Aerospace announced plans to invest over $30 million to expand its manufacturing facility in Pune. This investment will enable the facility to take on new projects and manufacturing processes by acquiring advanced machines, equipment, and specialized tools, as well as enhancing the capacity of existing products.
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