Worldwide commercial aircraft aftermarket parts market is projected grow at a CAGR of 6.6% to accumulate around USD 51.14 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The commercial aircraft aftermarket parts market is currently gaining traction on account of expansion of the worldwide commercial aircraft industry and the growing average age of commercial aircraft. Several key factors including surging demand for fuel-efficient commercial aircraft, increasing requirement of upgrade & repair of commercial aircraft, technological enhancements, and amplifying air traffic are poised to offer enormous growth opportunities to the global commercial aircraft aftermarket parts market over the future.
According to the report, various governments are introducing stringent regulations pertaining to the safety & efficacy of aircraft operations which is encouraging airline operators to invest in the repair and maintenance of the commercial aircraft and thereby triggering market growth. The global market is anticipated to witness massive gains based on new emerging markets, improving consumer demographics, as well as via online sales.
Market analysts claim that the global commercial aircraft aftermarket parts market is highly competitive in nature. The vendors provide products & services ideal for the repair & maintenance of a wide array of aircraft. The operators consider factors such as price, quality, convenience, and aircraft age, before opting for the repair & maintenance extended by market players.
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Expounding on the product spectrum, the global commercial aircraft aftermarket parts market is fragmented into MRO parts, rotable replacement parts, and others. Based on the findings of the report, the MRO parts segment led the global market in terms of revenue in the year 2017. Speaking of the types of aircraft, the market comprises wide body aircraft, narrow body aircraft, and regional jet.
In terms of the regional outlook, North America held the highest market share in the worldwide commercial aircraft aftermarket parts market in the year 2017. The regional growth is driven by ascending air traffic, high investment in research & development, and technological enhancements, cites the report. Moreover, the Asia Pacific market is anticipated to grow at a highest CAGR in the course of the predicted timeframe due to economic progress in India and China, resulting in higher living standards and burgeoning disposable income. The APAC market expansion is further fueled by the growing penetration of global players into these countries that look to tap the high market potential. Also, from the regulatory viewpoint, certain stringent norms regarding safety and operation of commercial aircraft are projected to boost the market growth throughout the forecast period.
The key market players enlisted in the global commercial aircraft aftermarket parts market research report include B/E Aerospace Inc., Aventure International Aviation Services, LKD Aerospace, Atlantis Systems Corp., A J Walter Aviation Limited, General Electric Company, Rockwell Collins, Pratt & Whitney, BF Goodrich, and Honeywell International among others. The report concludes that these companies have consistently been innovating and introducing new products, to enhance their market offerings. Several leading companies are also acquiring other companies and augmenting their product portfolio to amplify their market reach. For the record, acquisitions support market players in revving up their market potential in respect of customer base and geographic expansion.