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.
Market Segmentation:
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.
What does the Report Include?
The global market for aviation PMO parts report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
REGIONAL INSIGHTS
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.
COMPETITIVE LANDSCAPE:
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.
Industry Development:
· 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.
Source Link : https://www.fortunebusinessinsights.com/aircraft-aftermarket-parts-market-105451
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The following manufacturers are covered in this report, with sales, revenue, market share for each company:
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