An extensive study offering forecast assessment on Commercial Aircraft Aftermarket Parts Market has recently been released by Kenneth research, which is a platform containing market research reports on FMCG, food and beverages. Kenneth Research aims to provide quality reports to its customers and help company investors planning for expansion of their business to take key decisions and form strategies by providing insights with the latest market trends and scope that helps them gain an extra edge over competitiveness in the marketplace.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Commercial Aircraft Aftermarket Parts Market products.
The Commercial Aircraft Aftermarket Parts Market is segmented on the basis of geography into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Out of these regions, the market in North America is projected to hold the largest market share in the year 2021. The growth of the market in the region can be attributed primarily to the increasing trade on defense goods from nations such as the United States. According to the statistics stated by the Aerospace Industries Association in the fact book titled “2020 Facts & Figures U.S. Aerospace & Defense”, the combined sales revenue recorded from the aerospace and defense sectors grew by 6.7% from the year 2018 to reach USD 909 billion by the end of 2019. The statistics further stated that defense exports increased by 10.5% to a three-year high of USD 21.6 billion
The global commercial aircraft aftermarket parts market size is estimated to reach USD 51.14 billion by 2026 growing at a CAGR of 6.6% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Commercial Aircraft Aftermarket Parts Market Share, Size, Trends, & Industry Analysis Report, By Product Type (MRO parts, Rotable Replacement Parts, Others); By Aircraft Type (Wide Body Aircraft, Narrow Body Aircraft, and Regional Jet); By Region: Segment Forecast, 2018 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2017, the MRO parts segment dominated the global commercial aircraft aftermarket parts industry, in terms of revenue. In 2017, North America accounted for the majority share in the global market.
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The expanding global commercial aircraft industry, along with increasing average age of commercial aircrafts majorly drives the market growth. Introduction of stringent regulations regarding safety and efficient aircraft operation pushes airline operators towards proper maintenance and repair of commercial aircrafts, which supports the market growth. Other factors driving market growth include growing need for upgrade, and repair of commercial aircrafts, technological advancements, rising demand for fuel-efficient commercial aircraft, and increasing air traffic. New emerging markets, emerging consumer demographics, and sale through online channels would provide growth opportunities for the market in the coming years.
The Commercial Aircraft Aftermarket Parts market is highly competitive. Vendors offer products and services required for repair and maintenance for wide range of aircrafts. Operators consider factors such as quality, price, convenience, and aircraft age before making informed decisions about repair and maintenance offered by market players.
In 2017, North America accounted for the highest share in the global Commercial Aircraft Aftermarket Parts industry. Increasing air traffic, technological advancements, and high investment in R&D are factors expected to drive the market growth in the region. Asia-pacific is expected to grow at the highest rate during the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and high disposable income. Expansion of global players into these countries to tap market potential boosts the market growth. Stringent regulations regarding safety and operation of commercial aircrafts are expected to augment market growth during the forecast period.
The well-known companies profiled in the commercial aircraft aftermarket parts report include:
- 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
These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
Segmentation of global commercial aircraft aftermarket parts market on the basis of product type, aircraft type, and region:
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Commercial Aircraft Aftermarket Parts Product Type Outlook (Revenue, USD Billion, 2015 – 2026)
- MRO parts
- Rotable Replacement Parts
Commercial Aircraft Aftermarket Parts Aircraft Type Outlook (Revenue, USD Billion, 2015 – 2026)
- Wide Body Aircraft
- Narrow Body Aircraft
- Regional Jet
Commercial Aircraft Aftermarket Parts Regional Outlook (Revenue, USD Billion, 2015 – 2026)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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