Aircraft Aftermarket Parts Market Size to Reach USD 43.33 Billion by 2030 at a 7.63% CAGR– Report by Market Research Future (MRFR)

Aircraft Aftermarket Parts Market: Information by Parts (MRO Parts, Rotatable Scrap Replacement Parts, Consumable, Expendable {Lambs, Filter, Fasterner, Seals and Gaskets, Switches, Others}), Application (Commercial {Narrow-Body, Wide-Body} Military {Combat Aircraft, Non-Combat Aircraft}) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2030 by MRFR

New York,US, Feb. 02, 2023 (GLOBE NEWSWIRE) — Aircraft Aftermarket Parts Market Overview

Market Research Future (MRFR) ‘s report highlights Aircraft Aftermarket Parts Market Information By Application, Parts, And Region – Forecast till 2030″; the market will reach USD 43.33 Billion by 2030 at a 7.63% CAGR.

Market Synopsis

An aircraft’s flawless operation depends on the aftermarket components for aircraft. MRO service providers and aircraft-on-ground (AOG) facilities both employ these components. The market is predicted to develop due to the rapidly growing fleet of aircraft and OEMs’ increased focus on providing aircraft maintenance and repair. Global airlines most frequently use single-aisle or narrow-body aircraft. Airlines are expected to use narrow-body aircraft during the projection period. Because of the benefits that narrow-body aircraft provide, their share of the global commercial aircraft fleet has grown over time. The expanding fleets of aircraft in use worldwide are a major driver of aircraft aftermarket services.

Program management is a specialty area for aircraft PMO parts, enabling operational groups to concentrate on the key missions in the allotted time and following end-user requirements. In the next years, the increase in demand for new aircraft will help fuel the need for maintenance, repair, and overhaul (MRO), resulting in an even increase in demand for the aftermarket industry. Advanced sensors are included in the future generation of aircraft to collect and process actual data from the aircraft. The acquired information is also utilized to improve modeling and predictive maintenance operations. Additionally, the exposure of the aircraft aftermarket systems and parts has increased as a result of the automation of the MRO process.

Report Attribute Details
2030 Market Size USD 43.33 Billion
Base Year 2020
Forecast Period 2021-2030
Historical Data 2019
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Parts and Applications and region.
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers   Increasing commercial aircraft fleets Aging military aircraft fleets

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Market Competitive Landscape:

The vital contenders in the aircraft aftermarket parts market are:

  • AAR (US),
  • General Electric Company (US),
  • Honeywell International Inc.(US),
  • Raytheon Technologies Corporation (US),
  • Meggitt PLC (England),
  • A.J. Walter Aviation Limited (UK),
  • Aviall (US),
  • Eaton (Ireland),
  • Parker Hannifin Corporation (US),
  • Kellstrom Aerospace (US)

Market U.S.P. Covered:

Market Drivers:

During the projection period, it is anticipated that the market prospects will be bolstered by the expansion of the commercial aircraft fleet and the requirement for prompt maintenance, repair, and overhaul (MRO) services that keep these aircraft operations fuel-efficient and minimize aircraft emissions. When it comes to the accessibility of components in a specific area, distribution networks are essential. Traditional distribution routes have shortcomings that hinder supplier-customer relationships, including slow turnaround times, poor resource and part management, and backlogs. Integrating e-commerce platforms increases the total effectiveness of suppliers of aircraft aftermarket components in distribution networks. There are substantial problems with the availability and accessibility of the parts as a result of the increase in demand for commercial aircraft replacement parts from the carriers and aftermarket service providers

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Because of this, businesses are now required to integrate cutting-edge technologies like big data into their operations. Furthermore, a rise in the number of aircraft is anticipated in growing countries, including Asia-Pacific, the Middle East, and Latin America, due to the increased demand for air travel in these areas. The expansion of commercial fleets is anticipated to raise demand for OEMs and MRO service providers, which is anticipated to propel market expansion. The adoption of cutting-edge technology, including big data and the automation of processes in the sale of aftermarket parts, has therefore assisted businesses in understanding airline orders’ ambiguity and making strategic decisions. Such elements are fostering the global aviation industry’s expansion.

Market Restraints:

Parts makers must be updated with all changes to the FAA’s standards and rules. Thus, it is anticipated that the FAA regulations’ increased strictness will slow market expansion. The airlines work with aftermarket parts and MRO service suppliers for scheduled maintenance services. Insufficient communication amongst aircraft PMO parts and MRO suppliers imposes a constraint issue for airlines regarding a risk reduction approach. The operation and coordination of many facilities place additional stress on airplanes. Effective communication between the MRO and aftermarket parts facilities is crucial for day-to-day operations, especially when it comes to the process of scheduled maintenance.

COVID 19 Analysis

Several airlines have been obliged to retire their aircraft sooner due to the COVID-19 outbreak to cut operational costs. Because of this, there are now more rotable and USM parts in stock, which have re-entered the market supply chain via PMA holders and USM suppliers. As a result, the pandemic affected nearly half of all aircraft deliveries worldwide. The demand for MRO services, software, and commercial aftermarket parts has been significantly reduced due to the decline in aircraft deliveries. The epidemic has harmed airline revenue all across the world. Airlines are downsizing their fleets by considering the voluntary redundancy of the aircraft to offset the financial impact. As a result, the market for used serviceable materials (USM) has grown significantly since 2020 due to the commercial aircraft dismantling, dismantling, and recycling business.

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Market Segmentation

By application, the market is segmented into commercial and military. By parts, the market is segmented into MRO parts, rotatable scrap replacement parts, consumables, and expendables.

Regional Insights

North America accounted for the biggest market share. North America’s market expansion is driven by rising defense spending and stricter government restrictions related to aircraft aftermarket parts and maintenance. Additionally, the market will expand due to the rising demand for standardized parts manufacturer approval (PMA) procedures in the United States. The region with the fastest worldwide market growth is Asia-Pacific. The Asia-Pacific aircraft aftermarket parts industry is driven by rising air travel and defense spending in developing nations like China and India. Additionally, it is projected that the region will experience the fastest growth rate during the forecast period.

The airlines in the area have expanded their fleet sizes to meet the surge in demand during the past 20 years due to the increase in air travel in nations like Indonesia, India, Vietnam, Japan, China, and Taiwan. As more aircraft require maintenance and part replacements, the requirement for aftermarket parts is anticipated to rise in the area. Several significant market participants have recently strengthened their interactions with Asia-Pacific clients in response to the region’s growing need for aftermarket components. According to predictions, Europe will experience exponential growth in the following years. The reorganization of government regulations governing the export and import of aftermarket parts fuels the market’s expansion.

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