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"Overview of Aircraft aftermarket parts market"
Aircraft Aftermarket Parts Market is estimated to expand at a CAGR Of 6.3% Till 2028. It is projected to be having a market value of USD 61.3 Bn By 2028.
The companies offering aircraft aftermarket parts are driven by majorly because of an increase in the average age of aircraft and aircraft industry growth. Due to an increase in the aircraft usage created a need for the maintenance, repair and overhaul have simultaneously across the globe. Such growth of aircraft market is propelling the market share of aftermarket parts worldwide. Such contribution by manufacturers is a contribution to advanced aftermarket parts market.
Along with these market advancements of aircraft aftermarket parts, there are a considerable amount of government policies being enforced. These policies enforced are leveraging the market penetration rate of aircraft aftermarket parts. The government policies are supporting these organizations by reducing export-import charges levied by the customs departments. Such initiatives had not only increased the market share but also supported in technological expertise exchange and advancements in aircraft aftermarket parts market.
Social-economic changes worldwide are at its peak supporting in the increased demand for aircraft and its aftermarket growth. Because of the considerable rise in aircraft transportation of passengers and goods has substantially enhanced this market growth. The key factor for such market growth being enhanced disposable income among customers and net profit generated by companies contributing to the market growth. It is becoming more lucrative market among the developed countries because of capital backup and technological advancements. Due to such reasons, the market for aftermarket parts is observed to be high in recent times.
MRO Parts Segment Is Projected To Have A High Growth Rate In The Aircraft Aftermarket Parts:
The MRO parts segment in the aircraft industry is considerably having substantial growth among other segments. This MRO segment constitutes of engines, airframe parts and components which are essential components of the MRO parts segment having demand increase. The governments have initiated certification for the aircraft MRO segment facilitators encouraging the quality of MRO services offered by these organizations. It has also been mandated to have certified and trained professionals who work in the MRO facilities of aircraft.
MRO facilities for the aircraft maintenance require various aircraft parts which have high inventory cost involved in it. Such factors could contribute to the hampering of the aircraft aftermarket parts in the aircraft MRO segment market. Aircraft facilities worldwide are contributing to an increase in demand for this market. These facilities of MRO are being fuelled by aircraft manufacturers encouraging the prominence of aftermarket parts market. The efficiency of aircraft aftermarket parts in the MRO facilities are increased but also decreased the failure of aircraft while operating. Due to contributions of MRO facilities the aircraft aftermarket parts are significantly contributing to the efficiency of the aircraft's and encouraging the market share across the globe.
Another fastest growing aftermarket parts are rotate-able scrap replacement parts segment has a significant market share during the forecast period. The demand and revenue generation capabilities are increased based on rotate-able scrap replacement parts. Because of the segments cost-efficient mode of operation, the segment is estimated to have a substantial growth in the aircraft aftermarket parts market.
North America had contributed to Significant Share in Global Aircraft Aftermarket Parts Market:
The aircraft aftermarket parts market is estimated to be having a market share of 27.26% during 2020-2028 periods. This projected market value states North America as the most significant player in this market. The market share of this region is observed be too huge due to availability of more aircraft facilities. There is a substantial growth of MRO facilities in this market with advanced technologies and developments in the aircraft aftermarket parts in this region. North America is also putting huge investments in R&D market contributing to advancements in the technological factors for aircraft aftermarket parts. The region is expected to have an MRO facility during the forecast period with advanced services offered to aircraft.
Asia-Pacific Aircraft aftermarket parts market is anticipated to grow at Rapid Pace
Asia Pacific is estimated to exhibit a significant CAGR during the forecast period and is observed to be having a significant amount of new aircraft facilities. As a result, the region would contribute to the fastest growth in aircraft aftermarket parts. This region is also planning for one MRO facility for offering aircraft services which are to be established at Chonburi. Initiative share contributes to a huge demand for aircraft aftermarket parts. Asia Pacific region is expected to have a market share of 24.45%. Customers travelling through this region has increased it is proportional to the aircraft being under operation. Therefore the market is being consistent in its growth rate in demand for aftermarket parts in this region. The region also encompasses a large amount of retired aircraft enabling the growth of aircraft aftermarket hence has a huge demand for these market.
A J Walter Aviation Limited is a key player in the market. The company is headquartered in the U.K. having a substantial amount of contribution in aircraft aftermarket parts.
Prominent players in the aftermarket parts are listed as follows: LKD Aerospace, B/E Aerospace, Inc., Atlantis Systems Corp., Aventure International Aviation Services, General Electric Company, Pratt & Whitney, A J Walter Aviation Limited, Rockwell Collins, Honeywell International, BF Goodrich, Others.
Aircraft Aftermarket Key Market Segments:
- MRO parts
- Rotable Replacement Parts
By Aircraft Type
- Wide Body Aircraft
- Narrow Body Aircraft
- Regional Jet
- North America
- Latin America
- Asia Pacific
- Middle East & Africa