Research Nester has released a report titled “Commercial Aircraft Aftermarket Parts Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the commercial aircraft aftermarket parts by component type, by aircraft type, by parts and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global commercial aircraft aftermarket parts market is segmented by component type into engine, airframe, interior, cockpit systems and others, out of which, cockpit systems is anticipated to hold the largest market share owing to numerous technical issues observed in cockpit systems thereby raising the sales of business and general aviation avionics around the globe. In the statistics by the Aircraft Electronics Association (AEA), total annual sales of aviation avionics (retrofit and forward-fit) peaked to USD 2.73 billion from USD 2.26 billion in-between 2016-2018.
The global commercial aircraft aftermarket parts market is anticipated to record a CAGR of around 6.21% during the forecast period, i.e. 2020-2028. Rising number of travelers worldwide through airplanes, on the back of lesser commutation time taken in flight travel, is contributing towards the growth of the aviation industry across the globe along with the increasing number of commercial aircrafts in service. Such factors are anticipated to promote the growth of the global commercial aircraft aftermarket parts market throughout the forecast period. In the statistical report Aviation Benefits Beyond Borders (ATBB) by the Air Transport Action Group (ATAG), out of the total commercial aircrafts in service during the year 2017, around 82.5% are jets and 17.5% are turboprops.
Regionally, the global commercial aircraft aftermarket parts market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to hold the largest market share owing to the presence of numerous ageing aircraft fleet in the region, coupled with growing exports of parts of aircraft in nations such as USA and Canada. In the statistics by the International Trade Statistics Database of the United Nations (UN Comtrade), share of exports of parts of aircrafts in Canada peaked to 2.59% from 1.65% in-between 2016-2017, and in the USA, it peaked to 29.61% from 18.11% in-between the same period.
Growing Need for Timely Maintenance of Aircrafts
In the statistical report World Air Transport Statistics (2019) of the International Air Transport Association (IATA), load factor for passenger traffic and freight traffic in the year 2019 were 81.9% and 49.3% respectively.
Growing stress across aircrafts on the back if increasing flight running duration and increasing air traffic is raising the need amongst airline operators to provide timely maintenance of their aircraft fleet so as to minimize the risk of an accidental incident and also maintain their customer service. Moreover, timely maintenance of the aircrafts helps the airline operators to maintain the fuel efficiency of the aircrafts and thereby strategize towards the minimization of their business expenditure.
However, concerns regarding high inventory costs for the storage of spare parts, which might increase the operational expenditure, coupled with the rising concern for lower fuel efficiency aircrafts on the back of growing fuel prices which is inducing airline operators to replace old aircrafts are some of the factors anticipated to hamper the growth of the global commercial aircraft aftermarket parts market.
The market also provides the existing competitive scenario of some of the key players of the global commercial aircraft aftermarket parts market, which includes company profiling of Aventure International Aviation Services, Parker Hannifin Corporation (NYSE: PH), Honeywell International Inc. (NYSE: HON), Meggitt PLC (LON: MGGT), United Technologies Corporation (NYSE: UTX), Moog Inc. (NYSE: MOG.A), The Goodyear Tire & Rubber Company (NASDAQ: GT), General Electric (NYSE: GE), GKN Aerospace Services Limited, and Bombardier Inc. (TSE: BBD.B). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global commercial aircraft aftermarket parts market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.