Year | Value |
---|---|
2023 | USD 66.75 Billion |
2032 | USD 84.5 Billion |
CAGR (2024-2032) | 2.66 % |
Note – Market size depicts the revenue generated over the financial year
The narrow-body aircraft MRO market is expected to be worth approximately $66.75 billion in 2023, with a forecast to rise to $84 billion by 2032. This growth rate represents a compound annual growth rate (CAGR) of 2.66% from 2024 to 2032. The steady increase in the size of the market can be attributed to several factors, including the growing demand for air travel, the development of low-cost carriers, and the need for aircraft operators to optimize their operating costs and ensure safety. As the world’s air carriers continue to modernize their narrow-body aircraft fleets, the demand for narrow-body aircraft MRO services will also continue to grow. Predictive maintenance, digitalization, and automation are also expected to play a key role in driving the market’s growth. These innovations not only increase the efficiency of MRO, they also reduce the downtime and costs of operating an aircraft. The leading players in the market, such as Boeing, Airbus, and General Electric, are investing heavily in R&D to improve their MRO capabilities. Strategic initiatives, such as forming strategic alliances with technology companies and investing in advanced MRO technology, are also helping these companies to meet the growing demand for narrow-body aircraft MRO services.
Regional Market Size
Throughout the world, the narrow-body aircraft MRO market is undergoing a significant expansion, driven by the growing demand for air transport, the need to modernize the fleet, and the need for cost-effective maintenance solutions. Each region is characterized by its own specific characteristics, influenced by local economic conditions, regulatory frameworks and technological developments. The presence of key players, changing customer preferences, and the integration of new maintenance technologies, which all together enhance the operational efficiency and safety of narrow-body aircraft operations, also play a role.
“Did you know that narrowbody aircraft account for approximately 60% of the global commercial fleet, making them a critical focus for MRO services?” — International Air Transport Association (IATA)
The narrow-body aircraft MRO market is an important part of the aviation industry, which is growing steadily as a result of the growing demand for air travel and the need for efficient fleet management. The key drivers are the increasing number of narrow-body aircraft in service, especially those of low-cost carriers, and the stricter safety and maintenance standards imposed by regulators. Predictive maintenance technology is also improving operational efficiency, which is further driving the market. The narrow-body aircraft MRO market has reached a stage of maturity, with the leading companies such as Airbus and Boeing providing comprehensive MRO solutions. North America and Asia-Pacific lead the way with substantial investments in MRO facilities and capabilities. The main applications are the maintenance, repair and overhaul of aircraft components and the modification of aircraft, which is best illustrated by the way low-cost carriers such as Southwest and Ryanair maintain their fleets. The main trends are the need for more sustainable maintenance practices and the drive towards digitalization of the MRO process. Artificial intelligence and the Internet of Things are expected to play an important role in ensuring the efficiency of MRO operations.
The narrow-body aircraft MRO market is expected to grow at a steady pace from 2023 to 2032, with a projected increase in value from CAD 66.7 billion to CAD 84.4 billion, with a CAGR of 2.66%. The increase in the fleet of narrow-body aircraft is due to the growing demand for air travel, especially in the emerging markets. As post-pandemic expansion continues, the need for maintenance, repair and overhaul services will become increasingly important to ensure the safety and compliance of the aircraft with the regulatory standards. Also, technological advances such as the integration of digital tools into MRO processes will improve the efficiency and reduce downtime, which will also help to boost the market. Also, the increasing emphasis on fuel efficiency and the environment will have a significant impact on the MRO strategies, as the operators seek to optimize their operations through the implementation of innovative practices. Also, the emergence of new aircraft, such as hybrid and electric aircraft, will also change the MRO landscape, requiring new skills and capabilities in the industry. The MRO market for narrow-body aircraft will change significantly over the next decade, driven by a combination of changing demand, technological innovations and regulatory developments.
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