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Aircraft Refurbishing Market Segmentation By Aircraft (Very Light Aircraft, Wide Body, Narrow Body And Others); By Refurbishing (In-Flight Entertainment And Connectivity System, Cockpit And Others); By Application (Commercial Aircraft Cabin Refurbishing, VIP Cabin Refurbishing, Passenger To Freighter And Others); By End User (Aircraft Manufacturers And Others) - Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Aircraft Refurbishing Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • On April 1, 2020, AMAC Aerospace, a Swiss refurbishing company, signed a deal with Boeing, US, to refurbish its business jet 747-8 cabin interiors with Ka-band systems and in-flight entertainment systems.

  • On June 17, 2019, Safran, a US based aircraft cabin refurbishing company, signed a strategic collaboration agreement with Chinese based aircraft OEM Zhejiang XiZi to create value for Chinese airlines and customers.

Introduction to Aircraft Refurbishing

Aircraft refurbishing includes partial or complete remodeling of an aircraft. In the aircraft refurbishing process, various parts that are used in cabin and interior are made up of different materials such as foam, plastic, board, carbon fiber, textile, and composite metal in order to reduce the weight of an aircraft and improve aerodynamics. Aircraft refurbishing generally includes components, systems and structural and avionics repairs. While structural repairs include external aircraft body, repairing of stringers, formers, bulkheads, and others, component repairs include replacement of non-functional parts with functional components and total revamp. In addition to that, the ambience and travel experience and making it a comfortable experience for the passengers are some of the notable attributes that are driving aircraft manufacturers towards refurbishing and reinventing the aircraft interiors.

Market Size and Forecast

Significance of delivering world class facilities and luxury passenger flight experience along with growing domestic airline market are some of the significant factors that are anticipated to boost the market growth. Additionally, the growing use of lightweight materials, since they reduce the weight of an aircraft which results in reducing fuel costs, gives the profit margins to the airlines. Driven by these prominent features along with favorable government regulations for permitting these restructuring activities in public transport, the global aircraft refurbishing market is estimated to grow with notable CAGR during the forecast period, i.e., 2020-2028.

Aircraft Refurbishing Market Graph

The global aircraft refurbishing market is segmented by aircraft, by refurbishing, by application and by end user. On the basis of aircraft, the market is segmented into very light aircraft, wide body aircraft, narrow body aircraft, and others, out of which, the narrow body aircraft segment is estimated to hold leading share as these aircrafts are highly preferred among the aero manufacturers owing to their low operational costs as compared to wide body aircrafts. The market is further segmented by application into transforming passenger to freight aircrafts, commercial aircraft cabin refurbishing, VIP cabin refurbishing and others. Among these segments, the passenger to freight transformation was the largest revenue generating segment in 2019 owing to various factors such as growing global e-commerce, international trade and emergency medical supplies to fight the pandemic. Additionally, the global geo-political conflicts and increase in defense budgets for acquiring freight planes for military supplies are additional factors estimated to contribute towards the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT

Growth Drivers

Enhanced Travel Experience to Customers and Brand Recall

A large number of people travel through airlines annually, making the process of brand management an important dimension for airlines. Business studies have shown the importance of brand awareness, perceived quality, brand image and brand loyalty, and their likely effect on airline brand equity. This has led to an increased demand for a niche aerospace aftermarket, which includes refurbishment and completion of cabin interiors of business and corporate jets. VIP aircrafts feature a bedroom, lounge area, dining room, and first class seats. In order to completely satisfy customers’ needs, refurbishment service providers directly collaborate with designers to customize the interiors of aircrafts.

Airlines invest a significant amount of time to increase passenger share by adding more destinations, aggressive ticket prices, and revamping their aircrafts frequently. Manufacturers are focused on developing high-quality aircraft components to accommodate specific requirements from OEMs and airline carriers. Most aircraft refurbishing suppliers have long-term contracts with OEMs and airline carriers to provide customized aircraft refurbishing products. These are some of the considerable factors that are estimated to promote the growth of the market. Additionally, this growth is backed by rising number of domestic passengers across the globe.

Improving Fuel-Efficiency and Minimizing Operational Costs

Aircraft weight and fuel consumption are important factors which affect the efficiency of an aircraft. Less fuel consumption means lower CO2 emissions as well as significant reduction in operating costs of airlines. The cabin part of an aircraft has seen significant technological innovations ranging from seating arrangements to lighting systems and is estimated to drive the global aircraft refurbishing market with growth opportunities throughout the forecast period. Refurbishing service providers offer standardized and modular designs for selected aircrafts resulting in minimal downtime for aircraft and cost effective cabin refurbishment. The modular kit interior concept is expected to be the industry standard in aircraft refurbishment over the coming years.

Restraints

High Capital Investment

The potential factor that is predicted to negatively affect the growth of the market is the high initial capital investment with aircraft refurbishing. Airline industry required large amounts of continuous investments in order to keep the aircrafts updated and to introduce newer technologies.

Market Segmentation

Our in-depth analysis of the market includes the following segments:

By Aircraft

  • Very Light Aircraft
  • Wide Body
  • Narrow Body
  • Others

By Refurbishing

  • In-Flight Entertainment and Connectivity System
  • Cockpit
  • Others

By Application

  • Commercial Aircraft Cabin Refurbishing
  • VIP Cabin Refurbishing
  • Passenger to Freighter
  • Others

By End User

  • Aircraft Manufacturers
  • Others

By Region

On the basis of regional analysis, the global aircraft refurbishing market market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for aircraft refurbishing in North America is anticipated to hold the largest share in the market on account of higher presence of leading market players in the region which offer aircraft refurbishing services. Moreover, the growing requirements for continuously improving the design and specifications of the aircraft to meet the customer preferences are met in this region, which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growing domestic aircraft demands and new players in the region.

Aircraft Refurbishing Market share image

The aircraft refurbishing market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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