Originally published on Technavio:Commercial Aircraft Aftermarket Parts Market Analysis 2024-2028: Size and Growth Forecast
Commercial Aircraft Aftermarket Parts Market Forecast 2024-2028
The commercial aircraft aftermarket parts market size is projected to increase by USD 12.11 billion, with a CAGR of 5.82% between 2023 and 2028. The growth rate of the market depends on several factors, such as the preference for collaborative efforts in the aerospace industry, the growing demand for high-density seating configuration, and the increasing popularity of recycled aircraft parts. Our report examines historical data from 2018 - 2022, besides analyzing the current and forecasted market scenario.
Market Forecasting and Siz
Market Dynamics
Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Key Driver - Preference for Collaborative Efforts in Aerospace Industry*
Stringent regulatory norms have hindered the entry of new vendors considerably in the aerospace manufacturing sector. However, several new entrants have been allowed due to factors such as prolonged development phases of aircraft and the requirement for partners with proven expertise in particular fields. OEMs are anticipated to encourage newcomers to invest in the market, while collaborations among seat manufacturers and lighting system manufacturers are becoming common. Collaborations support companies in expanding their market base and tapping into new emerging markets. The sharing of technical expertise allows for faster product development.
Key Trends - Growing Emphasis on Sustainability within the Aviation Industry
The global market is witnessing a notable trend toward sustainability driven by rising environmental concerns within the aviation industry. Airlines are placing a growing emphasis on reducing their carbon footprint and adopting eco-friendly practices, extending to maintenance and repair activities. Suppliers in the aftermarket parts industry are responding to this demand by developing and offering eco-friendly alternatives such as lightweight materials, energy-efficient systems, and components designed to minimize fuel consumption and emissions.
Significant Challenge - Rising Concerns Related to the Shortage of Resources*
The global market is rising in parallel with the commercial aviation market, but limited capacity areas, especially in engine overhauls, are creating a hindrance. The supply-demand gap, particularly in the case of engine overhauls for popular fleets like Boeing 737 families, is posing a challenge. Increasing turn-around times for engine shop visits are mainly due to the scarcity of certain narrow-body aircraft engine materials, risking the growth of the engine aftermarket. The shortage of airframe and powerplant mechanics and avionics technicians is attributed to low employment, retirement, and competition in airlines and other industries.
Market Segmentation by Type, Application, and Geography
Type Segment Analysis
The narrow-body segment is estimated to witness significant growth during the forecast period. It comprises various types of aircraft, such as popular models like the Airbus and Boeing 737 families. These aircraft operate short to medium-haul routes with high frequency, making aftermarket parts for narrow-body aircraft crucial. Several renowned companies offer aftermarket parts globally for narrow-body aircraft, ensuring a steady supply of high-quality components to airline operators. The aging narrow-body fleet necessitates regular maintenance, repair, and overhaul activities, further driving aftermarket parts demand.
Application Segment Analysis
The MRO parts segment will account for the largest share of this segment. Maintenance, repair, and overhaul (MRO) parts are crucial components ensuring the continued airworthiness and operational efficiency of commercial aircraft. These MRO parts serve various applications across the aircraft, addressing specific maintenance needs and ensuring compliance with regulatory standards. The emphasis on sustainability within the aviation industry extends to MRO activities, leading to a rising demand for eco-friendly MRO solutions.
Regional Analysis
Commercial Aircraft Aftermarket Parts Market Share by Geography
APAC is estimated to contribute 35% to the growth by 2028. Europe offers significant growth opportunities to vendors, driven by increasing orders for next-generation aircraft and investments in newer-generation aircraft to cater to growing air travel demand.
Who are the Major Market Companies
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bombardier Inc:The company offers commercial aircraft aftermarket parts such as windshields and landing gears, among others.
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Technavio market forecast is an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak based on their quantitative data analysis.
The market analysis and report forecast market growth by revenue at global, regional country levels, providing an analysis of the latest trends and growth opportunities from 2018 to 2028.
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