Commercial Aircraft Aftermarket Parts Market Prognosticated To Accrue With A Whooping CAGR by 20230

April 17, 2019 Market Research Future research report on Commercial Aircraft Aftermarket Parts Market

Global Commercial Aircraft Aftermarket Parts Market – Overview

Civil Aerospace Simulation and Training Market size Anticipated to reach at a USD 65.2 Billion CAGR of 5.9% by 2021-2030

The global commercial aircraft aftermarket parts market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of commercial aircraft aftermarket parts will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2020, which will be a surplus growth at a moderate CAGR during the projected period (2020-2030).  

The high demand for commercial aircraft aftermarket parts is due to the growth in the aircraft component industry. An aircraft aftermarket parts are mainly used in the maintenance and upgrade activity on an airplane after it is manufactured. 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. However the delay in customs clearance for aircraft spare parts and high import duties on value-added taxes for aircraft spare parts acts as a barrier for the growth of commercial aircraft aftermarket parts market.

The commercial aircraft aftermarket is completely dependent on the growth of aircrafts in service. Thus, the increasing or decreasing demand of the aircraft service directly has an impact on the market. To support the spare part requirement for their fleet, airlines usually maintain inventory of aircraft spare parts to prevent AOG situations which costs thousands of dollars per hour. MRO providers and Third Party Companies which are a part of aircraft aftermarket parts industry also maintain inventory of such parts. Another factor responsible for the increase in commercial aircraft aftermarket parts is the growing involvement of OEMs providing total care programs to attract customers towards them and capture a share of this lucrative market has also supported the growth in the market. This is the primary factor that drives the growth of the commercial aircraft aftermarket parts market and has gained prevalence in the recent times, rise in global online aviation spare parts platform. Thus, the growth of the commercial aircraft aftermarket parts market is expected to go hand in hand with the growth of aircraft industry.

Despite the challenges, the market is expected to continue growing in the future. One of the trends helping this is the renewal of aircraft fleet.  Hundreds of older aircrafts are being retired every year globally and replaced with new and efficient fleet. This has increased the availability of surplus parts in the market obtained from retired aircrafts. This opens up new opportunities for all the players in this market. Similarly, PMA vendors are also gaining more acceptance globally as the providers of aftermarket parts. Due to the opportunities for growth in the market, and cost advantages of PMA parts, they will continue to make a presence in the market.

Similarly, there has been a trend of market consolidation in this sector and it is likely to increase with the formation of larger companies with broader offerings. Bigger and diverse companies can provide better services at larger scale. There were about 1,700 commercial jets retirements in the 1990s. Due to the high fuel prices, fleet demographics and new efficient aircrafts and engines, this number is estimated to reach about 6,000 - 8,000 this decade. This magnitude of retirements for aircrafts will have a significant impact on the aircraft aftermarket parts market.

Industry/ Innovation/ Related News:

February, 2018 – Pratt & Whitney signed 15 year EngineWise fleet management agreement with Turkish airlines. The agreement will cover Turkish Airlines' future fleet of 92 A321neo aircraft powered by the Pratt & Whitney Geared Turbofan™ (GTF) engines.

October, 2016 – Rockwell Collins announced new service contract to repair Rockwell Collins systems on board a critical transport aircraft, an enhanced aircraft connectivity advancement, in addition to a new aftermarket upgrade for its MultiScan weather radar.

Commercial Aircraft Aftermarket Parts Market – Segmentation

The global commercial aircraft aftermarket parts market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Parts                      : Comprises MRO parts and Rotable Scrap Replacement Parts

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

Segmentation by Regions                 : Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World.

Commercial Aircraft Aftermarket Parts Market Regional Analysis

European market is dominating the market of commercial aircraft aftermarket parts market due to higher share of wide body aircrafts in their fleet. Thus, as the aircraft fleet grow globally, so does the requirement for aftermarket parts for those aircrafts.

Asia-Pacific is referred to as the second-largest commercial aircraft aftermarket parts market due to factors such as growth in aircraft fleet have fuelled the demand for aircraft aftermarket parts market.

Key Players:

AAR, Eaton, General electric, Honeywell International, Rockwell Collins, AJW aviation, avail, BE aerospace, BF Goodrich, Meggitt, Parker-Hannifin, and Pratt& Whitney and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global commercial aircraft aftermarket parts market.