Commercial Aircraft AfterMarket Size & Share, by Component (Engine, Airframe, Interior, Cockpit Systems); Aircraft (Narrow-Body, Wide-Body, Regional Jet); Parts (Maintenance Repair & Operation Parts, MRO and Rotable Replacement Parts) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2239
  • Published Date: May 22, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Commercial Aircraft Aftermarket Parts Market size was valued at USD 37 Billion in 2023 and is anticipated to exceed USD 65.8 Billion by the end of 2036, registering over 4.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of commercial aircraft aftermarket parts is evaluated at USD 40.2 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.


Commercial Aircraft Aftermarket Parts Market overview
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Commercial Aircraft Aftermarket Parts Sector: Growth Drivers and Challenges

Growth Drivers

  • Increased Requirement for Timely Maintenance of AircraftsMaintenance of aircraft carriers can cost billions, so it is mandatory to have a proper and timely maintenance system that can save time and money. For instance, 27% of the demand for airplane MRO in Africa in 2017 was for component maintenance. Therefore, growing concerns for timely maintenance which can prevent any form of aviation accidents are driving the market growth rapidly as the aircraft operators prefer repairing the parts on time.
  • Increasing Age of Aircraft Fleet -   To avoid debt for the purchase of new aircraft, a number of small operators in the aviation sector are using old aircraft. In order to maintain the safety of the aircraft fleet, the market's growth is being driven by concern among operators about aging fleets through consideration of airworthiness for replacement, alteration, and modification at relatively low costs. This factor is expected to escalate the market growth during the forecast period.
  •  Increase in the Number of Retired Aircraft to Facilitate the Used Serviceable Materials (USM) Airlines are restructuring their fleets in order to cope with this financial impact by considering the discontinuation of aircraft earlier. As a result, since 2020 there has been an important growth in the disintegration, dismantling, and recycling of passenger aircraft. Thus, this factor is increasing the demand for the Used Serviceable Materials (USM) domain. The USM is expected to increase significantly with a rate of 68.2% through 2022, despite suffering a significant fall in 2020. Also, governments in many regions are encouraging the use of sustainable aviation fuels, in order to reduce carbon emissions. Besides USM parts are significantly contributing to the market growth.

Challenges

  • Rising Concern for Inventory Costs among Airlines – The increasing inventory costs related to the storage of spare parts are disturbing their operational expenditure. In addition to this, other factors such as growing aircraft fuel costs, and increasing additional operational spending are levitating the concern amongst airline operators to minimize costs. Such factors may hinder the market growth of market.
  • Issues Associated with the Management of Facilities will Disrupt the Supply Chain
  • Shortage of Resources

Commercial Aircraft Aftermarket Parts Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

4.5%

Base Year Market Size (2023)

 USD 37 Billion

Forecast Year Market Size (2036)

 USD 65.8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Commercial Aircraft Aftermarket Parts Segmentation

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:

     Component

  • Engine
  • Airframe
  • Interior
  • Cockpit Systems

     Aircraft

  • Narrow-Body
  • Wide-Body
  • Regional Jet

     Parts

  • Maintenance Repair & Operation Parts
  • MRO and Rotable Replacement Parts

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Commercial Aircraft Aftermarket Parts Industry - Regional Synopsis

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 2023. 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.

Research Nester
Commercial Aircraft Aftermarket Parts Market size
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Companies Dominating the Commercial Aircraft Aftermarket Parts Landscape

top-features-companies
    • Leonardo S.p.A
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Aventure International Aviation Services
    • Honeywell International Inc
    • Airbus SE
    • Parker Hannifin Corporation

In the News

  • Aventure International Aviation Services announced that it has acquired a Boeing 777 – 200ER aircraft from delta airlines. According to the senior Vice President of the company, the airframe is being dismantled by Tarmac Aerosave and the refurbished and recertified harvested parts are to be made available to the end users over the time.
     
  • Honeywell international Inc. signed an agreement of 10 years with ST Engineering to deliver MRO components and warranty repair services to the Asia Pacific operators.

Author Credits:  Ipsheeta Dash, Sadaf Naaz


  • Report ID: 2239
  • Published Date: May 22, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increased requirement for timely maintenance of aircrafts, increasing age of aircraft fleet and increase in the number of retired aircraft to facilitate the Used Serviceable Materials (USM)

The market size of commercial aircraft aftermarket parts is anticipated to attain a CAGR of 11% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Leonardo S.p.A, Aventure International Aviation Services, Honeywell International Inc, Airbus SE, Parker Hannifin Corporation, Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Subaru Corporation, Sojitz Corporation, Boeing and others.

The MRO and Rotable Replacement Parts segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Commercial Aircraft Aftermarket Market Report Scope
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