According to the latest study titled ‘Global Aerospace MRO Market: Analysis By Segment (Commercial Aircraft, Military Aircraft), By MRO Type (Airframe, Line, Component, Engine), By Fleet Type, By Generation, By Region, By Country (2019 Edition): Opportunities and Forecast (2013-2023) -- By Fleet Type (Narrowbody Jet, Widebody Jet, Regional Jet, Turboprop), By Generation (Old, Mid, New)’ available at MarketStudyReport.com, the global aerospace MRO market is estimated to grow substantially by the year 2023.
 

The aerospace maintenance, repair, and overhaul (MRO) is the maintenance activity that is undertaken to ensure the safety of aircrafts. Factors such as rising air traffic for efficient and safe travel, coupled with increasing economic activity are driving the growth of aerospace MRO market. Furthermore, reduction in oil prices, along with increasing customer demand for the optimal travel functionality will also augment the industry growth outlook.
 

The study encompasses details about segmental shares, and expansion strategies adopted by manufacturers to expand their market footprint. It also provides information about the regulatory landscape, alongside the challenges, drivers, trends, and restraints impacting the market growth.
 

Based on type, the aerospace MRO market is bifurcated into military aircraft and commercial aircraft. While, based on MRO type, the industry is segmented into engine, component, airframe, and line.
 

On the basis of fleet type, the market is divided into widebody jet, narrowbody jet, turboprop, and regional jet. Whereas, speaking of generation spectrum, the aerospace MRO market is split into the old, mid, and new generations.
 

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Considering the geographical landscape, the global aerospace MRO industry is fragmented into regions, namely, Latin America, North America, Asia Pacific, Europe, and Middle East & Africa, with key focus on countries like U.S, Mexico, Canada, Spain, Brazil, United Kingdom, France, China, Germany, India, and Japan.
 

Moreover, aerospace MRO market in Asia Pacific region is predicted to attain a CAGR of 5.83% through 2023, owing to economic expansion and rapid installation of manufacturing units in countries like India and China.
 

Some of the vendors that operate in the aerospace MRO market are HAECO, AAR, ST Engineering, Evergreen Aviation Technologies, Lufthansa Technik, AFI KLM E&M, MTU Aero Engine, Bombardier Inc., GE Aviation, and United Technologies Corporation.