Aircraft Aftermarket Parts Market is anticipated to record a 7.63% CAGR during the forecast period spanning 2017 to 2023. The aircraft aftermarket parts are primarily utilized in the maintenance and upgrade activity on an airplane after it is assembled since aircraft remain in service for many years. Due to the strict guidelines, they have to be preserved and refurbished at several intermissions. There is a constant, consistent supply chain of aftermarket parts required to prevent Aircraft on Ground (AOG) situations.
COVID-19 has strictly impacted the aviation value chain. For airlines, capacity in June was about 75% lower, at which point more than 60% of the worldwide fleet was out of service. The manufacture rates for original equipment manufacturers (OEMs) have been decreased considerably, with anticipated deliveries in 2020 more than 55% below 2019. For the first time, there is a detachment between OEMs' capability to yield manufacture aircraft and their customers' readiness to accept them. Airbus and Boeing will be expected to be produced at a surplus during 2022. The maintenance, repair, and overhaul (MRO) sector is also estimated to note a massive drop of 55 % or more in spending in 2020. The element of uncertainty proliferates for those active in the used serviceable material (USM) market. With a vast and unparalleled inventory of aircraft obtainable for teardown, lessened flying and MRO headway has caused requirements for USM to plummet. The disruption in the aircraft and parts trading market, with unstable residual and part values attainable from teardown in freefall. With trading has been practically obsolete with nobody buying, nobody unloading, and very few paying each other either, the aftermarket parts for model aircraft. However, airline travel rebounds airlines are likely to be laser-focused on pushing down their costs. To this end, the aircraft spare parts manufacturers' used parts are an increasingly acceptable, lower-cost alternative to the new manufacturer's parts.
Growing Fleet Of Commercial Aircraft
The expansion of the airlines to meet the surge in the number of travelers in several regional markets is estimated to lead to a large fleet's presence, thus creating scope for the aircraft parts industry.
Aging Military Aircraft Fleets
The presence of old fleets of several airlines worldwide is estimated to create an optimistic demand for the aircraft parts industry in the forecast period.
Availability Of Aircraft Aftermarket Parts On E-Commerce Platforms
The availability of parts on e-commerce platforms is estimated to contribute to developing the commercial aircraft aftermarket parts market in the forecast period.
Stringent FAA Regulations
The strict regulations instated by the FAA relating to aftermarket parts is estimated to create restrictions for the aircraft spare parts market in the coming period.
High Import Duties On Aircraft Spare Parts
The cost of import duties on spare parts for aircraft is projected to decelerate the global aircraft aftermarket parts market in the forecast period.
The MRO parts account for a significant share of the commercial aftermarket services market in the forecast period.
By Aircraft Type
The commercial segment is estimated to establish a substantial lead in the course of the forecast period.
North American Region To Maintain Strong Control On The Global Market
North America is an established market in terms of aircraft MRO market, fleet, and aftermarket parts. Therefore, along with an upsurge in aircraft requirements, the commercial aircraft aftermarket parts market is also anticipated to flourish. The region is anticipated to observe the necessity for over 10,000 new aircraft in the span of the next two decades. US is the sole prominent market for aircraft aftermarket parts in the region and has also extensively consented to the use of aircraft aftermarket PMA parts along with aftermarket OEM parts. Aftermarket PMA parts are preferred mainly by the mounting number of LCC carriers, over the OEM aftermarket parts, because of the cost profits. In the US, the aftermarket PMA parts are under FAA PMA endorsement and come from substitute manufacturers that are not associated with OEMs.
The noteworthy companies in the aircraft aftermarket parts market are
Jan 2021 Honeywell has appointed ST Engineering to provide component MRO and warranty repair services to all Asia-Pacific operators for its pieces installed on CFM International Leap engines. As part of a 10-year arrangement, the Singapore-based business becomes the only supplier of the competence in the Asia Pacific region for the engines driving Boeing 737 MAX, Airbus A320 neo family, and COMAC C919 aircraft. ST Engineering has revealed that MRO services will match its existing repair aids.
Jan 2021 AvAir, an industry-leading inventory solutions supplier for the aviation aftermarket, has attained Airbus A320 rotatable pool from HAECO ITM Limited. The HAECO Group is among the world's leading aircraft engineering and maintenance service providers. HAECO ITM delivers services ranging from flexible inventory pooling possibilities, Power-By-The-Hour support facilities, and repair treatment to ad-hoc exchanges, loans, and international AOG support. AvAir will enhance over 2,000 rotable components with this deal, including IDG's, Starters, and Avionics for Airbus A320. The whole stock will be increased to AvAir's growing Dublin facility to support their A320 customers in the region.
Jan 2021 ATS (Aviation Technical Services) revealed a contract with Wencor as the sole supplier of its Part Manufacturer Approval (PMA) product line, permitted by the FAA under ATSMRO part number sources. The agreement comprises the ATS-patented EverLatch Cargo Door Latch, a lucrative solution to enhance Boeing 737NG aircraft's reliability. The collection targets the international commercial aviation aftermarket and spreads past December 2025. Engineered utilizing data from airframe maintenance and component refurbish workscopes, ATS PMAs swap high cost, extended lead time, and high failure parts.
Dec 2020 AeroSpares, an exclusive aircraft parts manufacturer in Orlando, was developed by rival Jet Parts Engineering LLC, a principal Seattle-based designer and commercial aerospace aftermarket parts dealer. Terms of its transaction were not revealed. The deal also reinforces his firm's collection of proprietary aftermarket parts for the commercial and cargo airline industries.
Frequently Asked Questions (FAQ) :
The aircraft aftermarket parts market can rise at 7.63% CAGR by 2023.
By 2027, the aircraft aftermarket parts market can value at decent value.
Honeywell International Inc. (US), Eaton (Ireland), Meggitt PLC (England), General Electric (US), and Parker Hannifin Corporation (US) are some reputed companies in the aircraft aftermarket parts market.
Affordability of MRO to support aircraft aftermarket parts market expansion.
North America aircraft aftermarket parts market can rise exponentially.