Introduction
The global Aircraft Aftermarket Parts Market is expected to reach USD 33.5 billion by 2029, according to a new report. The market is anticipated to witness significant growth over the forecast period on account of the growing demand for air travel and increased focus on cost reduction by airlines. The North American region is expected to be the largest market for aircraft aftermarket parts due to the presence of major players in the region. Asia Pacific is projected to be the fastest-growing region on account of the growing aviation industry in China and India. The global aircraft aftermarket parts market is fragmented with the presence of a large number of manufacturers. Some of the key players operating in the market are AAR Corporation, Rolls-Royce Holdings plc, Zodiac Aerospace, United Technologies Corporation, and Honeywell International Inc.
The global aircraft aftermarket parts market is expected to grow at a CAGR of 5.5% during the forecast period of 2022-2029. Aircraft aftermarket parts are replacement parts used in an aircraft once it has been delivered to the customer. These parts are manufactured by original equipment manufacturers (OEMs) or third-party suppliers. The growth of the global aircraft aftermarket parts market is driven by factors such as the increasing number of aviation accidents, the need for cost-effective maintenance solutions, and the growing demand for air travel. However, the high cost of replacement parts and the stringent regulations governing the aviation industry are some of the factors restraining the growth of this market.
Market Overview
The global aircraft aftermarket parts market is growing at a rapid pace owing to the increasing demand for air travel and airlines across the globe. The growth of the commercial aviation sector is one of the major factors driving the growth of the aircraft aftermarket parts market. The Asia-Pacific region is anticipated to be the fastest-growing market for aircraft aftermarket parts due to the rapidly expanding aviation industry in countries such as China and India.
The rising number of airline fleets globally is another key factor boosting the demand for aircraft aftermarket parts. As per estimates, there will be a total of 43,560 commercial airplanes by 2029 worldwide. This expected increase in airplane fleet size is projected to create significant opportunities for aircraft aftermarket parts manufacturers over the forecast period.
Covid-19 Impact on Aircraft Aftermarket Parts Market:
As the COVID-19 pandemic continues its effect around the world, many defense and aerospace companies are facing its impact during this time around the world. For instance, commercial aviation companies in the U.S., France, Germany, and Canada are facing disruption in the production process and reduced demand as workforces staying at home, passengers stop traveling, and delay in the delivery of new aircraft. Analysts expect a drop from 3,000 to 4,000 aircraft during the pandemic period. On the defense side, contractors operating in the sector are in a better position, hence the impact of the pandemic is likely low in the short to mid-term. However, low demand due to budget constraints affects production as in aircraft manufacturing.
Report Includes
An overview of the global Aircraft Aftermarket Parts market, and related technologies and developments. Analyses of global market trends, with historical data from 2018, 2019, and 2020 estimates and projections of CAGRs through 2029. It also includes breakdowns of the overall Aircraft Aftermarket Parts market along with various segments, and by geographic region. Analysis of the stakeholder value chain in the Aircraft Aftermarket Parts market and comprehensive profiles of leading companies in the industry.
1. Market Drivers: The global aircraft aftermarket parts market is driven by the increasing demand for air travel, particularly in the commercial sector. The rising middle class in developing countries is one of the key factors driving the growth of the commercial aviation sector, which in turn is expected to drive the demand for aircraft aftermarket parts over the forecast period. Additionally, the growing number of low-cost carriers (LCCs) is also expected to contribute to the growth of the aircraft aftermarket parts market.
2. Market Trends: The aircraft aftermarket parts market is witnessing a shift towards outsourcing and third-party logistics providers (3PLs). This trend is being driven by the need to reduce costs and improve operational efficiency. Additionally, airlines are increasingly opting for used or refurbished parts to further reduce costs. This trend is expected to continue over the forecast period.
3. Restraints: The global aircraft aftermarket parts market is restrained by stringent regulations regarding safety and quality standards. Additionally, the high cost of replacement parts and lack of skilled labor are some of the other major restraining factors hindering market growth.
4. Opportunities: The rising demand for air travel in Asia-Pacific and Middle East & Africa presents significant growth opportunities for players in the aircraft aftermarket parts market. Additionally, 3D printing technology is expected to offer new opportunities for manufacturers of aircraft aftermarket parts over the forecast period.
Report Scope
The report forecasts the size of the Aircraft Aftermarket Parts market for components from 2022 through 2029
The Executive Summary provides a snapshot of key findings of the report. The introduction chapter includes the research scope, market segmentation, research methodology, and definitions and assumptions. It involves extremely rigorous scientific methods, tools, and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with industry experts and professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.
The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, latest technological advancement, regulatory landscape, SWOT analysis, and Porter's five forces analysis. This chapter provides detailed insights into the market, which derives the market trends, changing phase of investments, and scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes the profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.
After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.
Segmentation Analysis:
There are three key segments in the global aircraft aftermarket parts market- airframe, engine, and component.
Airframe: The airframe segment includes all the structural components of an aircraft including the fuselage, wings, and landing gear. This segment accounts for the largest share of the global aircraft aftermarket parts market.
Engine: The engine segment includes all the propulsion-related components of an aircraft including the engines, nacelles, and APUs. This segment is expected to grow at the fastest rate during the forecast period.
Component: The component segment includes all the other consumable parts of an aircraft including cabin interior components, avionics, and tires.
Global Aircraft Aftermarket Parts market Competitive Analysis:
The global aircraft aftermarket parts market is highly fragmented with the presence of several small and large-scale manufacturers. The key players in this market are constantly striving to gain a competitive edge over their rivals by investing in research and development activities and expanding their geographical footprint.
Some of the leading companies operating in the global aircraft aftermarket parts market include AAR (US), A.J. Walter Aviation Limited (UK), Aviall (US), Eaton (Ireland), General Electric (US), Honeywell International Inc. (US), Meggitt PLC (England), Parker Hannifin Corporation (US), Collins Aerospace (US), and Kellstrom Aerospace (US) among other players.
*All our reports are customizable as per customer requirements
This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. The Global Aircraft Aftermarket Parts market is distributed on the basis of the below-mentioned segments:
Global Aircraft Aftermarket Parts market, By Parts:
Mro Parts
Rotatable Scrap Replacement Parts
Consumable
Expendable
Global Aircraft Aftermarket Parts Market, By Application:
Commercial
Military
Global Aircraft Aftermarket Parts market, By Region:
The global Aircraft Aftermarket Parts Market is expected to reach USD 33.5 billion by 2029, according to a new report. The market is anticipated to witness significant growth over the forecast period on account of the growing demand for air travel and increased focus on cost reduction by airlines. The North American region is expected to be the largest market for aircraft aftermarket parts due to the presence of major players in the region. Asia Pacific is projected to be the fastest-growing region on account of the growing aviation industry in China and India. The global aircraft aftermarket parts market is fragmented with the presence of a large number of manufacturers. Some of the key players operating in the market are AAR Corporation, Rolls-Royce Holdings plc, Zodiac Aerospace, United Technologies Corporation, and Honeywell International Inc.
The global aircraft aftermarket parts market is expected to grow at a CAGR of 5.5% during the forecast period of 2022-2029. Aircraft aftermarket parts are replacement parts used in an aircraft once it has been delivered to the customer. These parts are manufactured by original equipment manufacturers (OEMs) or third-party suppliers. The growth of the global aircraft aftermarket parts market is driven by factors such as the increasing number of aviation accidents, the need for cost-effective maintenance solutions, and the growing demand for air travel. However, the high cost of replacement parts and the stringent regulations governing the aviation industry are some of the factors restraining the growth of this market.
Market Overview
The global aircraft aftermarket parts market is growing at a rapid pace owing to the increasing demand for air travel and airlines across the globe. The growth of the commercial aviation sector is one of the major factors driving the growth of the aircraft aftermarket parts market. The Asia-Pacific region is anticipated to be the fastest-growing market for aircraft aftermarket parts due to the rapidly expanding aviation industry in countries such as China and India.
The rising number of airline fleets globally is another key factor boosting the demand for aircraft aftermarket parts. As per estimates, there will be a total of 43,560 commercial airplanes by 2029 worldwide. This expected increase in airplane fleet size is projected to create significant opportunities for aircraft aftermarket parts manufacturers over the forecast period.
Covid-19 Impact on Aircraft Aftermarket Parts Market:
As the COVID-19 pandemic continues its effect around the world, many defense and aerospace companies are facing its impact during this time around the world. For instance, commercial aviation companies in the U.S., France, Germany, and Canada are facing disruption in the production process and reduced demand as workforces staying at home, passengers stop traveling, and delay in the delivery of new aircraft. Analysts expect a drop from 3,000 to 4,000 aircraft during the pandemic period. On the defense side, contractors operating in the sector are in a better position, hence the impact of the pandemic is likely low in the short to mid-term. However, low demand due to budget constraints affects production as in aircraft manufacturing.
Report Includes
An overview of the global Aircraft Aftermarket Parts market, and related technologies and developments. Analyses of global market trends, with historical data from 2018, 2019, and 2020 estimates and projections of CAGRs through 2029. It also includes breakdowns of the overall Aircraft Aftermarket Parts market along with various segments, and by geographic region. Analysis of the stakeholder value chain in the Aircraft Aftermarket Parts market and comprehensive profiles of leading companies in the industry.
1. Market Drivers: The global aircraft aftermarket parts market is driven by the increasing demand for air travel, particularly in the commercial sector. The rising middle class in developing countries is one of the key factors driving the growth of the commercial aviation sector, which in turn is expected to drive the demand for aircraft aftermarket parts over the forecast period. Additionally, the growing number of low-cost carriers (LCCs) is also expected to contribute to the growth of the aircraft aftermarket parts market.
2. Market Trends: The aircraft aftermarket parts market is witnessing a shift towards outsourcing and third-party logistics providers (3PLs). This trend is being driven by the need to reduce costs and improve operational efficiency. Additionally, airlines are increasingly opting for used or refurbished parts to further reduce costs. This trend is expected to continue over the forecast period.
3. Restraints: The global aircraft aftermarket parts market is restrained by stringent regulations regarding safety and quality standards. Additionally, the high cost of replacement parts and lack of skilled labor are some of the other major restraining factors hindering market growth.
4. Opportunities: The rising demand for air travel in Asia-Pacific and Middle East & Africa presents significant growth opportunities for players in the aircraft aftermarket parts market. Additionally, 3D printing technology is expected to offer new opportunities for manufacturers of aircraft aftermarket parts over the forecast period.
Report Scope
The report forecasts the size of the Aircraft Aftermarket Parts market for components from 2022 through 2029
The Executive Summary provides a snapshot of key findings of the report. The introduction chapter includes the research scope, market segmentation, research methodology, and definitions and assumptions. It involves extremely rigorous scientific methods, tools, and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with industry experts and professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.
The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, latest technological advancement, regulatory landscape, SWOT analysis, and Porter's five forces analysis. This chapter provides detailed insights into the market, which derives the market trends, changing phase of investments, and scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes the profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.
After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.
Segmentation Analysis:
There are three key segments in the global aircraft aftermarket parts market- airframe, engine, and component.
Airframe: The airframe segment includes all the structural components of an aircraft including the fuselage, wings, and landing gear. This segment accounts for the largest share of the global aircraft aftermarket parts market.
Engine: The engine segment includes all the propulsion-related components of an aircraft including the engines, nacelles, and APUs. This segment is expected to grow at the fastest rate during the forecast period.
Component: The component segment includes all the other consumable parts of an aircraft including cabin interior components, avionics, and tires.
Global Aircraft Aftermarket Parts market Competitive Analysis:
The global aircraft aftermarket parts market is highly fragmented with the presence of several small and large-scale manufacturers. The key players in this market are constantly striving to gain a competitive edge over their rivals by investing in research and development activities and expanding their geographical footprint.
Some of the leading companies operating in the global aircraft aftermarket parts market include AAR (US), A.J. Walter Aviation Limited (UK), Aviall (US), Eaton (Ireland), General Electric (US), Honeywell International Inc. (US), Meggitt PLC (England), Parker Hannifin Corporation (US), Collins Aerospace (US), and Kellstrom Aerospace (US) among other players.
*All our reports are customizable as per customer requirements
This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. The Global Aircraft Aftermarket Parts market is distributed on the basis of the below-mentioned segments:
Global Aircraft Aftermarket Parts market, By Parts:
Mro Parts
Rotatable Scrap Replacement Parts
Consumable
Expendable
Global Aircraft Aftermarket Parts Market, By Application:
Commercial
Military
Global Aircraft Aftermarket Parts market, By Region:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
Aircraft Aftermarket Parts MARKET STUDY GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2020-2027
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Aircraft Aftermarket Parts Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Segment 1
- 5.2.1. Sub-Segment 1
- 5.2.2. Sub-Segment 2
- 5.3. Market Analysis, Insights and Forecast – By Segment 2
- 5.3.1. Sub-Segment 1
- 5.3.2. Sub-Segment 2
- 5.3.3. Sub-Segment 3
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By Segment 3
- 5.4.1. Sub-Segment 1
- 5.4.2. Sub-Segment 2
- 5.4.3. Sub-Segment 3
- 5.4.4. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
6. North America Aircraft Aftermarket Parts Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Segment 1
- 6.2.1. Sub-Segment 1
- 6.2.2. Sub-Segment 2
- 6.3. Market Analysis, Insights and Forecast – By Segment 2
- 6.3.1. Sub-Segment 1
- 6.3.2. Sub-Segment 2
- 6.3.3. Sub-Segment 3
- 6.3.4. Others
- 6.4. Market Analysis, Insights and Forecast – By Segment 3
- 6.4.1. Sub-Segment 1
- 6.4.2. Sub-Segment 2
- 6.4.3. Sub-Segment 3
- 6.4.4. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Latin America Aircraft Aftermarket Parts Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Segment 1
- 7.2.1. Sub-Segment 1
- 7.2.2. Sub-Segment 2
- 7.3. Market Analysis, Insights and Forecast – By Segment 2
- 7.3.1. Sub-Segment 1
- 7.3.2. Sub-Segment 2
- 7.3.3. Sub-Segment 3
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By Segment 3
- 7.4.1. Sub-Segment 1
- 7.4.2. Sub-Segment 2
- 7.4.3. Sub-Segment 3
- 7.4.4. Others
- 7.5. Insights and Forecast – By Country
- 7.5.1. Brazil
- 7.5.2. Mexico
- 7.5.3. Rest of Latin America
8. Europe Aircraft Aftermarket Parts Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Segment 1
- 8.2.1. Sub-Segment 1
- 8.2.2. Sub-Segment 2
- 8.3. Market Analysis, Insights and Forecast – By Segment 2
- 8.3.1. Sub-Segment 1
- 8.3.2. Sub-Segment 2
- 8.3.3. Sub-Segment 3
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By Segment 3
- 8.4.1. Sub-Segment 1
- 8.4.2. Sub-Segment 2
- 8.4.3. Sub-Segment 3
- 8.4.4. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. UK
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Rest of Europe
9. Asia Pacific Aircraft Aftermarket Parts Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Segment 1
- 9.2.1. Sub-Segment 1
- 9.2.2. Sub-Segment 2
- 9.3. Market Analysis, Insights and Forecast – By Segment 2
- 9.3.1. Sub-Segment 1
- 9.3.2. Sub-Segment 2
- 9.3.3. Sub-Segment 3
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By Segment 3
- 9.4.1. Sub-Segment 1
- 9.4.2. Sub-Segment 2
- 9.4.3. Sub-Segment 3
- 9.4.4. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South East Asia
- 9.5.6. Rest of Asia Pacific
10. Middle East & Africa Aircraft Aftermarket Parts Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Segment 1
- 10.2.1. Sub-Segment 1
- 10.2.2. Sub-Segment 2
- 10.3. Market Analysis, Insights and Forecast – By Segment 2
- 10.3.1. Sub-Segment 1
- 10.3.2. Sub-Segment 2
- 10.3.3. Sub-Segment 3
- 10.3.4. Others
- 10.4. Market Analysis, Insights and Forecast – By Segment 3
- 10.4.1. Sub-Segment 1
- 10.4.2. Sub-Segment 2
- 10.4.3. Sub-Segment 3
- 10.4.4. Others
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.3.1. Company 1
- 11.3.1.1. Business Overview
- 11.3.1.2. Segment 1 & Service Offering
- 11.3.1.3. Overall Revenue
- 11.3.1.4. Geographic Presence
- 11.3.1.5. Recent Development
- 11.3.2. Company 2
- 11.3.3. Company 3
- 11.3.4. Company 4
- 11.3.5. Company 5
- 11.3.6. Company 6
- 11.3.7. Company 7
- 11.3.8. Company 8
- 11.3.9. Company 9
- 11.3.10. Company 10
- 11.3.11. Company 11
- 11.3.12. Company 12
- 11.3.1. Company 1
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
