Commercial Aircraft Aftermarket Parts Market Bonded to a Striking Growth by 2021

Pune, India,  January 24, 2018/MRFR Press Release/- Market Research Future Published a Cooked Research “Global Commercial Aircraft Aftermarket Parts Market Research Report - Forecast to 2021” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2021.    

The leading market players in the global commercial aircraft aftermarket parts market primarily include AAR, Eaton, General electric, Honeywell International , Rockwell Collins, AJW aviation, avail, BE aerospace, BF Goodrich, Meggitt, Parker-Hannifin, and Pratt& Whitney.

Commercial Aircraft Aftermarket Parts Market – Market Overview:

The aircraft aftermarket parts are mainly used in the maintenance and upgrade activity on an airplane after it is manufactured (out of the factory). Since aircrafts remain in service for many years, and also due to the strict regulations, they have to be maintained and repaired at several intervals and it requires a reliable supply chain of aftermarket parts to prevent Aircraft on Ground (AOG) situations. Aftermarket parts are mainly utilized for MRO activities and also as Rotable Scrap Replacement. Aftermarket parts are manufactured by the Original Equipment Manufacturers (OEMs) as well as the Parts Manufacturer Approval (PMA) vendors.

One of the major drivers propelling the growth of the global commercial aircraft aftermarket parts market is the increase in number of aircraft. As of 2016, there were more than 22,000 active aircraft across the globe. The existing fleets are expected to be replaced by more than 40,000 new aircraft, over the next 20 years, and the global fleet is likely to reach 45,000 aircraft by 2036. Moreover, the high demand for air travel in the emerging regions, such as Asia, Latin America, and the Middle East, leads to an increase in the number of aircraft in these regions. As a result, approximately 22,000 aircraft are expected to be delivered to these regions in the next 20 years. On the other hand, it is expected that over 15,000 aircraft would be delivered in developed regions such as North America and Europe, by 2036. These aircraft need a reliable supply chain of aftermarket parts to prevent AOG situations. To meet such demands, airlines and MRO providers maintain an inventory of spare parts. As a result, the expansion of the existing aircraft fleets along with the launch of new airlines would result in higher investments in the market. Hence, the rapid fleet expansion is expected to eventually drive the commercial aircraft aftermarket parts market.

The 'aircraft aftermarket parts' provide a lucrative market with a healthy profit margin. Thus, many OEMs are also attracted to this market and are now providing integrated services to attract customers and increase their market share. Major OEMs such as Rolls-Royce have already signed contracts worth billions of dollars with customers such as United Airlines and Emirates, extending their total care programs.

In addition, many online platforms now serve the 'aircraft aftermarket parts industry'. These e-platforms assist this industry to thrive by resolving spare parts- and service-related issues. This ease of conducting business online and obtaining spare parts through a global network encourages more and more companies to involve in such e-platforms, hence developing global reach and network. Many new companies are expected to start using aircraft part locator services in the coming years, further facilitating the global commercial aircraft aftermarket parts market.

Access Complete Report @ https://www.marketresearchfuture.com/reports/commercial-aircraft-aftermarket-parts-market-1382

Commercial Aircraft Aftermarket Parts Market – Competitive Analysis:

The market is highly competitive, and vendors compete on the basis of the cost of aftermarket parts, quality and reliability, and market share. To survive and succeed in such an intensely competitive environment, it is crucial for vendors to optimize their product development processes to provide cost-effective and high-quality products and solutions.

The vendors also face the increasing pressure to cut prices for aftermarket parts or lose the business. Furthermore, increasing entry of the OEMs into the aircraft aftermarket parts business has further increased the competition in the market. For example, aircraft engine parts manufacturer, as a part of their strategy to capture the lucrative aftermarket parts business, now provide original equipment at lower margins. This is then compensated by higher margins obtained from spares.

To further strengthen their foothold in the market, vendors are also entering long-terms deals with the aircraft operators. For example, in 2015, Parker-Hannifin, a manufacturer of the motion and control technologies and systems, signed long-term deals with Emirates Airline, Tianjin Airline and Singapore Airlines, to provide them with integrated maintenance packages.

Industry/ Innovation/ Related News:

July 2017:- flydubai received component MRO services for its Boeing 737 MAX aircraft fleet from AAR Corp. after expanding its aftermarket support with the company.

June 2017:- Qantas Airways in association with Jetstar entered into a long term component pooling services agreement with AFI KLM E&M, to support their fleet of Boeing 787s. The contract applies to a total fleet of eight 787-9s to be operated by Qantas, and eleven 787-8s in service with Jetstar.

Commercial Aircraft Aftermarket Parts Market – Segments:

For the convenience of the report and enhanced understanding; the commercial aircraft aftermarket parts market is segmented in to three key dynamics:

Segmentation by Parts: MRO parts and Rotable Scarp Replacement Parts.

Segmentation by Aircraft Type: Wide body Aircraft, Narrow body Aircraft, and Regional Jet.

Segmentation by Regions: Comprises Geographical regions –Americas, Europe, APAC and Middle East and Africa.

Commercial Aircraft Aftermarket Parts Market –

Regional Analysis

North America in particular, is a mature market in terms of fleet, aircraft MRO market, and also for aftermarket parts. Thus, along with a rise in demand for aircraft, the commercial aircraft aftermarket parts market is also expected to grow. The region is expected to witness demand for over 10,000 new aircraft over the next two decades.

US is the single largest market for aircraft aftermarket parts in the region and has also widely accepted the utilization of aircraft aftermarket PMA parts (along with aftermarket OEM parts). Aftermarket PMA parts are largely preferred by the growing number of LCC carriers, over the OEM aftermarket parts, because of the cost benefits. In the US, aftermarket PMA parts are under FAA PMA approval and come from alternative manufacturers that are not affiliated with OEMs. Until 2000, the US was the prime market for PMA production, and still is one of the major commercial aircraft PMA markets.