Commercial Aircraft Aftermarket Parts Market size is expected to reach USD 71 Billion by the end of 2035, growing at a CAGR of 11% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of commercial aircraft aftermarket parts was over USD 32 Billion. The growing demand for commercial aircraft parts in airlines and aftermarket service providers is significantly driving the market growth.
The advanced aircraft are prepared with newly designed sensors for collecting and examining the real-time data from the aircraft. The employment of advanced technology such as big data and digitization in the supply of aftermarket parts has helped the companies to make strategic plans and decisions. Although the efficiency of new aircraft can increase by up to 20% compared to the models they replace, historically activity growth has exceeded efficiency improvement. Such factors are escalating the market growth of the market in the forecast period.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 11% |
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Base Year Market Size (2022) |
~ USD 32 Billion |
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Forecast Year Market Size (2035) |
~ USD 71 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Parts (Maintenance Repair & Operation Parts, MRO and Routable Replacement Parts)
The MRO and Routable Replacement Parts segment is expected to hold the largest market share of 33% during the forecast period. The increasing demand for modernized aircraft and the growing need for timely maintenance for such advanced aircraft. Moreover, MRO assets management helps in the reduction of storage space requirements. With the use of a modern industrial maintenance strategy, aircraft owners may manage warranties more successfully. These factors are escalating the market growth of MRO parts.
Aircraft (Narrow-Body, Wide-Body, Regional Jet)
Narrow-body holds the largest market share owing to the rising demand for domestic flights with low-cost charter fleets. By far the largest engine producer in the world, CFM International had 71% of the market for narrow-body aircraft engines as of May 2019. The increasing number of domestic flights is increasing the number of aircraft maintenance services. Moreover, the seat width in the narrow-bodied aircraft is much more comfortable than that of the wide-body aircraft. In addition to this, the fuel consumption of narrow-bodied aircraft is less than other broader parts which is likely to drive the market growth of narrow-body aircraft.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Aircraft |
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Parts |
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North America Market Forecast
By region, North America market is expected to hold 35% of the revenue share during the forecast period. In 2020, the region held the largest share of 60%. The growth is accredited to the maintenance repair and MRO service providers focusing on the increasing investment in aftermarket services in the US and Canada. Additionally, the firms in the US have a stout supply chain network for MRO services and aircraft parts. Moreover, market growth will be stimulated by the increasing standardization of PMA processes in the US for parts manufacturer approval.
APAC Market Statistics
Asia Pacific industry held a share of 28% in 2022. There’s an increasing investment in launching aftermarket parts hubs in regions such as Japan, Singapore, and China. In China, the market for aftermarket parts is expected to grow at a rapid rate. Furthermore, the governmental laws in export and import have significantly driven the market growth.
Author Credits: Ipsheeta Dash, Sadaf Naaz
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