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 is expected to favor the product’s demand. For instance, according to Airbus SAS, the growth of the passenger fleets will double from 21,000 aircraft in 2019 to 45,000 by 2035 due to the rising air travel worldwide.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
Based on parts type, the market is bifurcated into MRO parts and rotable 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 Number of Phased Out Aircraft to Propel Market Growth
The COVID-19 has disrupted the aviation industry due to reduced demand for air travel. The government worldwide had put traveling restrictions to contain the spread of the disease. Therefore, the coronavirus resulted in several airlines phasing out their aging airlines across the globe. This is expected to drive the demand for aircraft disassembly, dismantling, and recycling services that will contribute to the global aviation PMO parts market growth in the forthcoming years.
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.
Facility Expansion by Major Companies to Amplify Their Market Positions
The market is segmented into several major companies striving to maintain their dominance by expanding their aviation PMO parts facilities to cater to the growing demand for aircraft maintenance applications. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.
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- January 2021– SR Technics announced the launch of STRADE, a trading platform for commercial aircraft spare parts. The platform aims at providing component sale, lease, and exchange services to its customers in the aircraft after-service domain.
List of the Companies Profiled in the Global Market for Aircraft Aftermarket Parts:
- 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)
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