The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Key Questions Answered in this Report:
- What are the trends in the aerospace aftermarket industry across different regions?
- What are the major driving forces that tend to increase the demand for aerospace aftermarket during the forecast period 2020-2030?
- What are the major challenges inhibiting the growth of the global aerospace aftermarket industry?
- Which type (line and base maintenance, components, engine, airframe) is expected to dominate the global aerospace aftermarket in the coming years?
- What is the total revenue generated in global aerospace aftermarket by aircraft class in 2019 and what are the estimates by 2030?
- Which segment of global aerospace aftermarket (commercial and military) is expected to dominate the market in the coming years?
- What was the total revenue generated by the global aerospace aftermarket across different regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) in 2019, and what are the estimates by 2030?
- Who are the key players in the global aerospace aftermarket, and what are the new strategies adopted by them to make a mark in the industry?
- What major opportunities do the global aerospace aftermarket companies foresee in the next ten years?
- What is the competitive strength of the key leading players in the global aerospace aftermarket?
Global Aerospace Aftermarket Forecast, 2020-2030
The aerospace aftermarket industry analysis projects the market to grow at a significant CAGR of 3.87% on the basis of value during the forecast period from 2020 to 2030. North America dominated the global aerospace aftermarket with a share of 29.60% in 2019.
In North America, the U.S. is a prominent country in North America which is actively looking to modernize/upgrade the aircraft that can address a range of missions; this in turn, provide MRO service providers with new revenue streams over the next decade. North America is poised to maintain noteworthy aviation traffic growth, especially in domestic markets which enable MRO and network operators to continuously invest in hub strength in the form of increased capacity and airport improvements. For instance, in June 2018, ST Engineering Aerospace introduced a new airframe MRO facility in Pensacola, Florida, U.S at a cost of $46 million, in order to carry out heavy and line maintenance along with aircraft modification work.
MRO providers and airlines generally purchase used serviceable material (USM) from various traders at distinct prices, and many times, the cost of a used part may exceed that of a new component depending on the supply and demand for a particular component or part at the time of the transaction. Thus, there is no formal mechanism existing to access the value of used parts today. 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. Such model enables the airlines and MRO providers to save material cost up to 10-15% and hence provide more opportunities for MRO providers to retain significant value from cost-effective and regular services.
“Airlines are investing a huge amount on regular maintenance of their aircraft in order to serve their passengers with optimized customer experience. Thus, to stay competitive and match the wavelength with continuous demand of airlines for cost-effective maintenance, MROs, and various OEMs are working to develop high-tech solutions which help to plan maintenance of an aircraft more effectively on time and ensure operational availability of the assets at the same time.”
Scope of the Strategic Assessment of Aerospace Aftermarket
The strategic assessment of aerospace aftermarket provides detailed market information for segmentation on the basis of type, aircraft class, industry, and region. The purpose of this market analysis is to examine the aerospace aftermarket outlook in terms of factors driving the market, trends, technological developments, and competitive benchmarking, among others.
Strategic Assessment of Aerospace Aftermarket Segmentation
The engine type dominated the global aerospace aftermarket in 2019 owing to the rise in the initiative by various companies to manufacture advanced engines (using expensive materials and innovative technologies) to limit the need to replace life-limited parts and other scheduled maintenance visits.
While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the industry that is analyzed. The report also analyzes different aircraft class that include widebody, narrowbody, helicopters, regional jet, turboprop, and fighters transport.
In the industry segment, the market is segmented into commercial and military. The military industry is expected to be the most lucrative segment attributed to the growing contract among military forces and MRO service providers for the management of the aircraft fleet.
The aerospace aftermarket is segregated on the basis of five major regions, namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. Data for each of these regions has been provided in the report.
Key Companies in the Global Aerospace Aftermarket Industry
The key market players in the global aerospace aftermarket include Airbus, Aeroprecision, Collins Aerospace, Cyient, Pratt and Whitney, MTU Aero Engines, Lufthansa Technik AG, GE Aviation, Boeing, Honeywell, ST Aerospace, GKN Aerospace, Rolls Royce Delta TechOps, and Haeco Group, among others.