Commercial Aircraft Aftermarket Parts Market: Global Industry Size, Share, Trends, Segments, Regional Analysis and Competitive Landscape To 2021

Global Commercial Aircraft Aftermarket Parts Market by Parts (MRO parts and Rotable Scarp Replacement Parts), by Aircraft Type (Wide body Aircraft, Narrow body Aircraft, and Regional Jet), by Geography - Forecast To 2021

Pune, India - July 23, 2018 /MarketersMedia/ —

Global Commercial Aircraft Aftermarket Parts Market to be driven by Emergence of E-Commerce Platforms

The global commercial aircraft aftermarket parts market has changed significantly over the years and is expected to capture a CAGR of 6% over the forecast period of 2016-2021.

Commercial Aircraft Aftermarket Parts Industry Recent Updates

In June 2018, Superior Air Parts, Inc., a leading manufacturer of aircraft aftermarket parts, announced that it would be hosting an educational forum at Oshkosh AirVenture 2018. The company will provide insights on the extension of engine's operational life and lowering maintenance costs.

February, 2018 – Pratt & Whitney signed 15 year EngineWise fleet management agreement with Turkish airlines. The agreement will cover Turkish Airlines' future fleet of 92 A321neo aircraft powered by the Pratt & Whitney Geared Turbofan™ (GTF) engines.

October, 2016 – Rockwell Collins announced new service contract to repair Rockwell Collins systems on board a critical transport aircraft, an enhanced aircraft connectivity advancement, in addition to a new aftermarket upgrade for its MultiScan weather radar.

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The key driver of the market is the strong demand for commercial aircraft across the globe. Rapid economic development in emerging countries has resulted in increased air travel traffic, which, in turn, has resulted in a surge in demand for aftermarket parts. Moreover, replacement of old aircraft and upgradation of aircraft parts with newer, fuel-efficient parts has also driven the market. Aircrafts generally have a lifespan between 20 to 30 years which necessitates repair and maintenance after regular intervals. Other external factors include increased demand for air transportation and an increase in federal funding for defense which is expected to reflect positively on the market. The rise in defense spending around the globe has fueled the market for commercial aircraft aftermarket parts as aircrafts form an indispensable part of defense spending. Restructuring of defense segment also provides ample of scope for market expansion. Growth in demand for aircraft aftermarket parts due to the consolidation of the defense sector in various economies has also resulted in market growth. Growing demand for fuel-efficient commercial aircraft requires the latest engine models which further boosts the market. The rise in airline revenues allows them to finance more aircrafts which also drives the market. Introduction of additive manufacturing or 3D printing in the aircraft manufacturing process is also a key influencer of the market growth.

Aerospace companies are increasingly embracing 3D printing which facilitates fabrication of superior and intricate designs of aircraft after parts and provides an impetus to the growth of the market. Additionally, overall growth in the commercial aircraft manufacturing market has led to higher demand for related components. However, some prevailing trends are expected to reverse the growth of the market. The global economic slowdown has resulted in a decline in demand for new aircrafts. Delay in customs clearance and high import duties levied on aircraft aftermarket parts challenges the market growth. However, the emergence of e-commerce platform in the aircraft aftermarket landscape is likely to offer potential growth opportunities over the forecast period.

Commercial Aircraft Aftermarket Parts Market Competitive Landscape

The global commercial aircraft aftermarket parts market is mature and highly competitive with the presence of a few established players. The key players are focusing on technology upgradation and fuel efficiency to gain a competitive edge over the market. Entry to market is restricted as the capital, size, complexity, technical know-how and sophistication of aircraft are gradually increasing.

Some of the key players operating in the market include -

• General Electric
• Rockwell Collins
• avail
• BF Goodrich
• Parker-Hannifin
• Pratt & Whitney
• Eaton
• Honeywell International
• AJW aviation
• BE Aerospace
• Meggitt

Commercial Aircraft Aftermarket Parts Segments Overview

The global commercial aircraft aftermarket parts market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Parts : Comprises MRO parts and Rotable Scrap Replacement Parts

Segmentation by Aircraft Type : Comprises Wide body Aircraft, Narrow body Aircraft and Regional Jet

Segmentation by Regions : Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World.

Commercial Aircraft Aftermarket Parts Market Regional Analysis

The principal markets of the global commercial aircraft aftermarket parts market include the Americas, Europe, Asia-Pacific and the Middle East & Africa. Europe and the Americas account for the significant share of the market owing to well-developed aviation industry and infrastructure in the regions. Asia-Pacific market is projected to exhibit considerable growth over the forecast period due to rising disposable income of the population which leads to higher spending on air travel and ultimately boosts the market for aircraft after parts.

Commercial Aircraft Aftermarket Parts Market : Scope Of Report

The market report for Global Commercial Aircraft Aftermarket Parts Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Source: MarketersMedia

Release ID: 378831

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