In recent years, OEMs are focusing toward introducing aftermarket services such as parts, maintenance, repair, and digital services as such kind of aftermarket services enable OEMs to leverage significant revenue streams with higher profit margins than sales of new equipment.
However, OEMs at times may lose ground to independent MROs or other third-party part manufacturers attributed to less expensive services offered by such MROs and third-party part manufacturers.
Thus, to retain the market share, OEMs must identify the loopholes by having a detailed examination of aftermarket lifetime value, which, in turn, also help them boost the core business during the forecast period.Read Report Overview: https://bisresearch.com/industry-report/strategic-assessment-aerospace-aftermarket.htmlAccording to Colins Aerospace, everyday hundreds-of-thousands of transactions take place between airlines and their aftermarket service providers for aircraft services.
However, various MROs are engaged in implementing new technologies including hangars & paperless shops, virtual maintenance training, predictive maintenance, and drone-supported maintenance to operationalize aircraft monitoring, improve technician efficiency and productivity, and bring actionable solutions to the airlines faster.
In order to deal with such circumstances, the International Air Transport Association (IATA) has taken initiatives to prepare a web-based pricing model which provide aftermarket players and airlines to real-time access to transparent market values for aircraft components, considering availability and delivery times for different parts and equipment.
The market has considerably evolved in developed regions such as North America and Europe and is gaining popularity in geographies such as the Asia-Pacific and Middle East and Africa (ME).