Companies offering aircraft aftermarket parts are driven by majorly by an increase in the average age of aircraft and aircraft industry growth. The growth of the aircraft market is propelling the market share of aftermarket parts worldwide. Policies enforced are leveraging the market penetration rate of aircraft aftermarket parts. Government policies are supporting these organizations by reducing export-import charges levied by the customs departments. Such initiatives had not only increased the market share but also supported in technological expertise exchange and advancements in aircraft aftermarket parts market.
Social-economic changes worldwide are at its peak supporting the increased demand for aircraft and its aftermarket growth. A key factor for such market growth being enhanced disposable income among customers and net profit generated by companies contributing to the market growth. Due to such reasons, the market for aftermarket parts is observed to be high in recent times.
Aircraft aftermarket parts market is estimated to be having a CAGR of 6.3% till 2027. It is projected to be having a market value of USD 57.7 billion by 2027.
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MRO parts segment is projected to have a high growth rate in the aircraft aftermarket parts:
MRO segment constitutes of engines, airframe parts, and components which are essential components of this segment having demand increase. The governments have initiated certification for the aircraft MRO segment facilitators encouraging the quality of MRO services offered by these organizations. It has also been mandated to have certified and trained professionals who work in the MRO facilities of aircraft. Such factors could contribute to the hampering of aircraft aftermarket parts in the aircraft MRO segment market. Facilities of MRO are being fueled by aircraft manufacturers encouraging the prominence of the aftermarket parts market.
North America is the biggest shareholder for the aircraft aftermarket parts market among other regions:
Aircraft aftermarket parts market is estimated to be having a market share of 27.26% during the 2019-2027 periods. The market share of this region is observed to be huge due to the availability of more aircraft facilities. North America is also putting huge investments in the R&D market contributing to advancements in the technological factors for aircraft aftermarket parts. The region is expected to have an MRO facility during the forecast period with advanced services offered to aircraft.
Asia-Pacific region is the fastest-growing market for aircraft aftermarket parts:
The region is the fastest-growing market and is observed having a significant amount of new aircraft facilities. This region is also planning for one MRO facility for offering aircraft services which is to be established at Chonburi. Asia Pacific region is expected to have a market share of 24.45%. Customers traveling through this region have increased it is proportional to the aircraft being under operation. The region also encompass of a large amount of retired aircraft enabling the growth of aircraft aftermarket hence has a huge demand for these market.
A J Walter Aviation Limited is a key player in the market and has revenue generated of USD 451.8 million and its net income is estimated at USD 4.70 million. The company is headquartered in the U.K. having a substantial amount of contribution to aircraft aftermarket parts.
Prominent players in the aftermarket parts are listed as follows: LKD Aerospace, B/E Aerospace, Inc., Atlantis Systems Corp., Aventure International Aviation Services, General Electric Company, Pratt & Whitney, A J Walter Aviation Limited, Rockwell Collins, Honeywell International, BF Goodrich, Others.
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