Aircraft Aftermarket Parts Market Research Report‚ÄĒGlobal Forecast till 2030

Aircraft Aftermarket Parts Market: Information by Parts (MRO Parts, Rotatable Scrap Replacement Parts, Consumable, Expendable {Lambs, Filter, Fasterner, Seals and Gaskets, Switches, Others}), Application (Commercial {Narrow-Body, Wide-Body} Military {Combat Aircraft, Non-Combat Aircraft}) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)‚ÄĒForecast till 2030

ID: MRFR/A&D/0873-CR | February 2021 | Region: Global | 120 Pages         

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Aircraft Aftermarket Parts Market

Aircraft Aftermarket Parts Market Size Valued at USD 43.33 Billion, market Grow at a CAGR Of 7.63% by 2021-2030

Segmentation
By Parts MRO Parts Rotatable Scrap Replacement Parts Consumable Expendable
By Application Commercial Military
Key Players
Companies Profiled   AAR (US)   J. Walter Aviation Limited (UK)   Eaton (Ireland)   Parker Hannifin Corporation (US)   Aviall (US)   Kellstrom Aerospace (US)   General Electric (US)   Honeywell International Inc. (US)   Meggitt PLC (England)   Collins Aerospace (US)
Drivers
Market Driving Forces   Growing fleet of commercial aircraft
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Aircraft Aftermarket Parts Market Overview

Aircraft aftermarket parts market Size was to reach at a  USD 27,727.52 million in 2020 and Estimeted to reach at USD 43.33 Billion by 2030 at a 7.63% CAGR By 2021-2030


Aircraft aftermarket parts are essential in ensuring the smooth operation of an aircraft. These parts are used by MRO service providers and in aircraft-on-ground (AOG) facilities. The rapid expansion of the aircraft fleet and increasing focus of OEMs on providing aircraft MRO is expected to drive the demand for aftermarket parts, contributing to the market growth.


The aircraft aftermarket parts market is expected to witness significant growth owing to factors such as the developing armada of commercial airplanes as well as the maturing military aircraft fleet. However, the worldwide aircraft aftermarket parts market will confront difficulties and restrictions because of high import obligations on airplane spare parts and tough guidelines.


COVID-19 Impact vs  Opportunities for Global Aircraft Aftermarket Parts Market:


The aviation industry was severely hit by the lockdown in various nations in 2020, resulting in a halt in aircraft manufacturing and delays in aircraft deliveries. According to Airbus SAS, it will have delivered 341 aircraft by the end of October 2020, compared to 571 aircraft in 2019. As a result, the pandemic impacted almost 40% of all aircraft deliveries around the world. Because of the drop in aircraft deliveries, demand for MRO services, software, and commercial aftermarket parts has plummeted. According to Airbus SAS, more than 16,000 commercial aircraft are expected to be grounded or parked as a result of reduced passenger travel during the epidemic.


The availability of aircraft aftermarket parts on an E-commerce platform can create a lucarative market opportunity for the market.


Market Dynamics:


Drivers:


The global fleet is likely to reach 45,000 aircraft by 2036. Moreover, the high demand for air travel in developing regions, such as Asia-Pacific, the Middle East, and Latin America, is expected to lead to an increase in the number of aircraft in these regions. On the other hand, the FAA expects that over 15,000 aircraft would be delivered in North America and Europe by 2036.


The growing commercial fleets are expected to result in an increased demand for OEMs and MRO service providers, which, in turn, is projected to drive market growth.


Opportunities:


Distribution networks play a vital role in the availability of components at a particular location. Conventional distributional channels have several drawbacks such as long turnaround time, improper management of parts and resources, and backlogs, which hamper supplier-customer partnerships. The introduction of e-commerce platforms in distribution networks improves the overall efficiency of aircraft aftermarket parts providers.


Restraint:


The FAA is constantly updating its standards and regulations and parts manufacturers have to keep abreast of all such changes. Thus, the increasing stringency of FAA regulations is expected to hamper the market growth.


Value Chain Analysis


The aircraft aftermarket parts market is growing at a steady rate and is expected to upsurge in near future. This is due to rising investment in delivery drones and increasing focus on reducing the time in last-mile delivery. The value chain analysis for the aircraft aftermarket parts comprises five major components which start with the research and product development followed by manufacturing of the products, distribution, and sales, and ends with post-sales services.


Segment Overview


The global Aircraft Aftermarket Parts market has been segmented on the basis of Parts and Applications.


On the basis of Parts the market has been segmented into MRO Parts, Rotatable Scrap Replacement Parts, Consumables, and Expendable. The Expendable segment has been further bifurcated into Lamps, Filters, Fasteners, Seals and Gaskets, Switches, and Others.  The MRO part segment accounted for the largest market share in 2021 and is expected to remain the same during the forecasted period.


The global Aircraft Aftermarket Parts market on the basis of Application has been segmented into Commercial and Military. The Commercial segment has been further bifurcated into Narrow-Body and Wide-Body. Whereas, the Military segment has been further bifurcated into Combat Aircraft and Non-Combat Aircraft.


Regional Analysis


The global Aircraft Aftermarket Parts market has been studied across Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America.


North America accounted for the largest market share in 2021. Increasing defense expenditure and stringent government regulations regarding aircraft aftermarket parts and maintenance in North America are propelling the market growth. For example, in the US, the Aircraft Maintenance Division of the Federal Aviation Administration (FAA) develops policy procedures and regulates maintenance aspects of the air carrier, general aviation, and commercial operators is driving the demand in the region.


Asia Pacific is the fastest-growing regional market globally. Growing air passenger traffic and increasing defense expenditure in emerging economies, such as China and India, are propelling the aircraft aftermarket parts market in Asia-Pacific. According to The International Air Transport Association (IATA), airlines operating in the Asia-Pacific region carried 1.5 billion passengers in 2016. Furthermore, the organization projected that the air passenger traffic in Asia-Pacific is expected to reach 8.2 billion by 2037. Hence, increasing air passenger traffic is growing the demand for the aircraft aftermarket parts market.


Competitive Landscape


The global market for Aircraft Aftermarket Parts is projected to witness healthy growth during the forecast period, due to the increasing commercial aircraft fleet. The global market represents strong numbers in terms of consumption.


Key players operating in the global Aircraft Aftermarket Parts market include AAR (US), A.J. Walter Aviation Limited (UK), Aviall (US), Eaton (Ireland), General Electric Company (US), Honeywell International Inc.(US), Raytheon Technologies Corporation (US), Meggitt PLC (England), Parker Hannifin Corporation (US), and Kellstrom Aerospace (US),


Recent Developments


GE signed two contracts worth more than USD 1 billion with the Defense Logistics Agency (DLA) to support T700 turboshaft engine fleets across the U.S. military. On November 2021


Honeywell signed a worldwide sole distributor agreement with AJW Group for the global sales of 29 Honeywell standard-fit new products for the Boeing 787 platform. AJW will be the sole aftermarket distributor for all Honeywell new products fitted to the current and future fleet of Boeing 787 aircraft. October 2021


GE has secured a potential five-year, USD 1.65 billion contracts to repair, update or replace engine components for the US Navy’s F/A-18 aircraft fleet. September 2021


AAR signed an agreement with flydubai to renew its power-by-the-hour (PBH) component pool and repair support for the airline´s Next-Generation (NG) Boeing 737 fleet. October 2021


Parker Hannifin Corp., Irvine, California, signed a requirements contract with Defense Logistics Agency worth USD 1.75 billion for aircraft spare parts. On April 2021


Report Overview


As per MRFR, the global Aircraft Aftermarket Parts market has been growing significantly over the past few years. The global Aircraft Aftermarket Parts market has been segmented on the basis of Parts and Applications and region. Based on region, the global Aircraft Aftermarket parts market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.


Objective of the Study



  • To provide a comprehensive analysis of the Aircraft Aftermarket Parts market and its sub-segments, thereby providing a detailed structure of the industry

  • To provide detailed insights into factors driving and restraining the growth of the global Aircraft Aftermarket Parts market

  • To estimate the size of the global Aircraft Aftermarket Parts market where 2018 to 2020 would be the historical period, 2021 shall be the base year, and 2022 to 2030 will be the forecast period for the study

  • To analyze the global Aircraft Aftermarket Parts market in five main regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America

  • To provide country-wise market value analysis for various segments of the Aircraft Aftermarket Parts market

  • To provide strategic profiling of key companies present across the globe and comprehensively analyze their competitiveness/competitive landscape in this market

  • To provide a value chain for the Aircraft Aftermarket Parts market


Scope of the Report


The scope of the global Aircraft Aftermarket Parts market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The global Aircraft Aftermarket Parts market has been segmented on the basis of Parts and Applications.and region.


Intended Audience



  • Aircraft Aftermarket Parts Administrators

  • Aircraft Aftermarket Parts manufacturers and providers

  • Aircraft industry

  • Hardware integrators

  • IT enterprises

  • Technology investors

  • Regulatory industries

  • Government bodies



Report Scope:

Report Attribute/Metric Details
  Market Size   2021: USD 43.33 Billion
  CAGR   5.37% CAGR
  Base Year    2020
  Forecast Period    2021-2030
  Historical Data    2018 to 2020
  Forecast Units    Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered    Parts and Applications and region.
  Geographies Covered  North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America
  Key Vendors    AAR (US), A.J. Walter Aviation Limited (UK), Aviall (US), Eaton (Ireland)
  Key Market Opportunities   Availability of aircrafts aftermarkets parts on e-commerce platform
  Key Market Drivers   Increasing commercial aircraft fleets Aging military aircraft fleets


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Frequently Asked Questions (FAQ) :

The MRO part segment is expected to drive the market during the forecasted period.

AAR (US), A.J. Walter Aviation Limited (UK), Aviall (US), and Eaton (Ireland) are expected to be the major competitors in the Aircraft Aftermarket Parts market during the projected period.

The North American region is expected to be the largest market for Aircraft Aftermarket Parts market during the forecast period.

Affordability of MRO to support aircraft aftermarket parts market expansion.

High import duties on aircraft spare parts may slow the growth of the Aircraft Aftermarket Parts market during the forecast period.