The Aircraft Component MRO Market expected to grow at a higher CAGR of 5.44% during the forecasted period to account for a higher market value share of approximately USD 34 billion by the end of the forecasted period.
The Aircraft Component MRO Market was marked at a value of USD 15,021.4 and it is further expected to grow at a higher CAGR of 5.44% during the forecasted period to account for a higher market value share of approximately USD 34 billion by the end of the forecasted period.
The MRO component market of aircraft consists of various services related to airlines like overhaul, repair, and maintenance, coupled with various supervision and administrative activities. It helps in the smooth and efficient working of aircraft by restoring it to its original state of function and performance. It consists of various precise and strict requirements levied by airworthiness authorities. It ensures the safety of aircrew, passengers, and cargo. Further, it helps in enhancing reliability, product quality, and availability.
Covid 19 Analysis of Aircraft Component MRO Market
The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is worried about their immunity and follows social distancing. Restriction on travel resulted in the contraction of demand. During the lockdown situation, operational activities were halted, resulting in a demand shrink for the aircraft component MRO market, which further leads to decreased sales revenue. Even after the liberalization of restrictions after the lockdown situation, aircraft were not working at their full capacity which also declines the market revenue and market growth.
However, the aircraft component MRO market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.
Numerous factors drive the market in the global market. Increasing diversification among airlines drives the market demand all across the globe. Also, the increasing number of passengers all across the globe results in creating higher demand during the review period. A sudden rise in incomes of middle-class peoples in various regions like the European region, the North American region, and the Asia-Pacific region resulted in improved and efficient aviation industry drives the market demand during the review period.
The rise in the demand for aircraft component market in the global market. An increasing number of aircraft aviation especially in the North American region. It is estimated that by 2035, approximately 10,000 aircraft will be in service which provides various growth opportunities in the global market during the forecasted period. Expansion of various airlines to enhance their service to several remote geographic locations provides various growth opportunities in the global market.
Though the aircraft component market is increasing tremendously in the global market, some factors restrict the market growth. The high cost associated with high quality and efficient maintenance for airplane components hinders the market demand during the forecasted period as it is not afforded by all. Moreover, a lack of awareness regarding the availability of components in various regions also restricts the market growth during the review period.
Value Chain Analysis
The aircraft component MRO is growing at an incredible rate globally due to various benefits associated with it. An increasing number of orders from various countries for deployment of the F-35 Lightning II Joint Strike Fighter (JSF) plane drives the market demand for the MRO market in the global market. Also, the presence of all components of F-35 JSF coupled with repair capabilities in the various regions like the Asia-Pacific region, European region, and the US creates more market segments during the forecasted period.
The aircraft component MRO market has been divided all across the globe based on the aircraft type, component, application, and region.
Based on the Aircraft Type
The market has been divided all across the globe based on the aircraft type into regional transport aircraft, narrow-body aircraft, and wide-body aircraft.
Based on the Component
The market has been divided all across the globe based on the component into engine, wings, landing gear, empennage, fuselage, and many others.
Based on the Application
The market has been divided all across the globe based on the application into business and general aviation, commercial air transport, and military aviation. The largest market share in the global market is held by commercial air transport as in 2016, it has the largest market share of 63.11%. In 2016, the second largest market share is held by Military aviation and it is further expected to grow at a higher CAGR of 3.30% during the review period.
Based on the Region
The market has been divided in the global market based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The most prominent major key players in the aircraft component MRO market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the aircraft component MRO market in the global market by going for mergers, and acquisitions, by collaborating, setting up a joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the aircraft component MRO all across the globe.
The global aircraft component MRO market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the aircraft component MRO market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the aircraft component MRO market during the forecasted period are mentioned. The impact of COVID 19 on the aircraft component MRO market all across the globe is mentioned. The future growth rate in the aircraft component MRO market during the forecasted period is estimated and mentioned.
Global aircraft component MRO market is touted to record a substantial market valuation by 2027.
Global aircraft component MRO market is projected to register a moderate CAGR in the forecast period.
The massive demand for aircraft component MRO driven by the increasing air passenger traffic is the market's primary growth inducer.
The wide-body segment is expected to observe substantial demand over the review period.
The business and general aviation aircraft segment is expected to secure the highest CAGR.
The APAC segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global aircraft component MRO market are Delta TechOps (US), Lufthansa Technik AG (Germany), Air France Industries KLM Engineering & Maintenance (France), among others.