Emphasis on By Type of Aircraft (Narrow-Body, Wide Body, Regional Jets, Others), By Aircraft Operator (Airline/MRO Operator, Independent MRO, OEM) and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
The Global Aircraft MRO Market was valued at USD 102,375.50 million in 2023 and is expected to grow at a strong CAGR of around 3.92% during the forecast period (2024-2032) owing to rising demand for Aircraft MRO in the spacecraft industry across the globe.
Aircraft MRO are used for predictive maintenance, remote assistance, visualization of maintenance issues, training purposes, and flight simulation for realistic scenarios. These technologies have provided interactive modules for immersive training scenarios for engineers and technicians. Additionally, various safety procedures and real-time guidance for crew and ground staff can also be provided with the help of AI and VR technologies, which has caused the market to witness a sizeable growth in recent years.
The Global Aircraft MRO Market was valued at USD 102,375.50 million in 2023 and is expected to grow at a strong CAGR of around 3.92% during the forecast period (2024-2032). One of the key factors that have supported the market growth of MRO services is the rising number of commercial aircraft across the globe. After the COVID-19 pandemic in 2020, a large number of airlines are experiencing a surge in air travel, majorly in developing regions, due to which there is an incessant need to expand the existing air fleet. In line with many of the large-scale commercial jet purchase orders that have been placed, it would be crucial to increase the demand for MRO services in the coming period. For instance, in 2023, Scoot, a Singapore-based airline, announced its plans to purchase nine brand-new E190-E2 regional jets. The respective jets will be added to the fleet in March 2024.
Additionally, another budget airline service provider in Indonesia, Lion Air, announced the purchase of 80 new aircraft in 2023. The airline had already added 43 new aircraft in its fleet by 2022.
This section discusses the key market trends that are influencing the various segments of the Global Aircraft MRO Market as identified by our team of research experts.
Rising Demand for Budget Airlines Services to Fuel the Demand for New Commercial Aircrafts
Fast-growing economies with a massive middle-class population are looking for budget air travel services. Owning to this factor a large number of low-cost carrier companies have emerged in the region offering budget airlines services for both domestic and international air travel in countries as India, China, Thailand, Indonesia, etc. Some of the countries where budget airlines holds a sizeable share in airline services are Southeast Asia, and South Asia region, where countries such as India, Indonesia, Thailand, Malaysia, Philippines hold 74%, 63%, 57%, 51%, and 58%, respectively which is above 50% of total passenger flying. The respective share is further anticipated to increase in the coming years as middle-class income is burgeoning which would fuel to the demand for budget airlines services. In line with this many of the budget airlines have announced their plans to invest in adding new aircraft in the fleet in the coming years.
Considering the increasing number of Low-cost carriers across the globe the demand for aircraft MRO activities would surge in the forthcoming years i.e., 2024-2032.
Global Low-Cost Carriers, Number of Aircraft by Average Age, 2023 |
Asia Pacific is Expected to Hold Major Market Share During Forecast Period
Asia-Pacific is the home to some of the fast-growing economies with a massive middle-class population looking for budget air travel services. Owning to this factor, a large number of budget airlines companies have emerged in the region offering budget airline services for both domestic and international air travel in countries such as India, China, Thailand, Indonesia, South Korea, Australia, Japan, etc. Some of the key commercial aviation services providers in the region are Indigo, GoAir, AirAsia, Scoot, Nok Air, Jetstar, Citilink, Beijing Airlines, etc.
The respective share is further anticipated to increase in the coming years as middle-class income is burgeoning which would fuel the demand for commercial airlines services.
In line with this many of the airlines have announced their plans to invest in adding new aircraft in the fleet in the coming years. For instance, in 2023, ANA Holdings announced to launch a new airline named AirJapan by 2024-2025 which would fly from Japan to other Asian countries.
In another instance, in 2023, Indigo announced the buying of 500 new Airbus A320 aircraft with a total cost of USD 50 billion. All the deliveries will take place by 2030-2035, showing an upcoming robust growth of the MRO market in the coming years, i.e., 2023-2030.
The Global Aircraft MRO Market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are AAR Corp., Airbus SE, Delta TechOps, HongKong Aircraft Engineering Company, KLM U.K Engineering Limited, Lufthansa Technik, MTU Aero Engines AG, Collins Aerospace (Raytheon Technologies Corporation), Singapore Technologies Engineering Limited, and TAP Maintenance & Engineering.
The Global Aircraft MRO Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Aircraft Mro Market Revenue (usd Mn), 2022-2032f
7. Market Insights By Type Of Aircraft
8. Market Insights By Aircraft Operator
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Aircraft MRO Market were the three major steps undertaken to create and analyze the adoption of Global Aircraft MRO in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Aircraft MRO Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Global Aircraft MRO Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Global Aircraft MRO Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by type of aircraft and by aircraft operator. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Aircraft MRO Market. Further, we conducted factor analysis using dependent and independent variables such as by type of aircraft and by aircraft operator in the Global Aircraft MRO Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Aircraft MRO Market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Aircraft MRO Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Aircraft MRO Market. Data was split into several segments and sub-segments after studying various parameters and trends in the by type of aircraft and by aircraft operator in the Global Aircraft MRO Market.
The current & future market trends of the Global Aircraft MRO Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the Global Aircraft MRO market?
Q2: What are the driving factors for the growth of the Global Aircraft MRO market?
Q3: Which segment has the largest share of the Global Aircraft MRO market by aircraft type?
Q4: Which region will dominate the Global Aircraft MRO market?
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