Aircraft Aftermarket Parts Market Research Report – Global Industry Forecast To 2023

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Aircraft Aftermarket Parts Market: Information by Parts (MRO Parts, Rotable Scrap Replacement Parts, Consumable, Expendable), Application (Commercial and Military), Region (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America)—Forecast till 2023

Commercial Aircraft Aftermarket Parts

Market Research Report By Forecast To 2021

Industry Survey, Growth, Competitive Landscape

and Forecasts to 2021

PREPARED BY

Market Research Future

(Part of Wantstats Research & Media Pvt. Ltd.)


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Commercial Aircraft Aftermarket Parts Market Research Report - Forecast 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

The global commercial aircraft aftermarket parts market is growing with the rapid pace. According to a recent study report

published by the Market Research Future, The global market of commercial aircraft aftermarket parts will grow at a rapid

pace over the forecast period. The market is forecasted to witness slow but steady growth by 2021, which will be a surplus

growth at a moderate CAGR during the projected period (2016 -2021).

The high demand for commercial aircraft aftermarket parts is due to the growth in the aircraft component industry. An

aircraft aftermarket parts are mainly used in the maintenance and upgrade activity on an airplane after it is manufactured.

Aftermarket parts are mainly utilized for MRO activities and also as rotable scrap replacement. Aftermarket parts are

manufactured by the original equipment manufacturers (OEMs) as well as the parts manufacturer approval (PMA) vendors.

However the delay in customs clearance for aircraft spare parts and high import duties on value-added taxes for aircraft

spare parts acts as a barrier for the growth of commercial aircraft aftermarket parts market.

The commercial aircraft aftermarket is completely dependent on the growth of aircrafts in service. Thus, the increasing or

decreasing demand of the aircraft service directly has an impact on the market. To support the spare part requirement for

their fleet, airlines usually maintain inventory of aircraft spare parts to prevent AOG situations which costs thousands of

dollars per hour. MRO providers and Third Party Companies which are a part of aircraft aftermarket parts industry also

maintain inventory of such parts. Another factor responsible for the increase in commercial aircraft aftermarket parts is the

growing involvement of OEMs providing total carehttps://www.marketresearchfuture.com/reports/commercial-aircraftaftermarket-parts-market-1382

programs to attract customers towards them and capture a share of this lucrative market

has also supported the growth in the market. This is the primary factor that drives the growth of the commercial aircraft

aftermarket parts market and has gained prevalence in the recent times, rise in global online aviation spare parts platform.

Thus, the growth of the commercial aircraft aftermarket parts market is expected to go hand in hand with the growth of

aircraft industry.

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Commercial Aircraft Aftermarket Parts Market Research Report - Forecast to 2021

Global Commercial Aircraft Aftermarket Parts Market ($ billion), 2016-2021


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Commercial Aircraft Aftermarket Parts Market Research Report - Forecast to 2021

Despite the challenges, the market is expected to continue growing in the future. One of the trends helping this is the

renewal of aircraft fleet. Hundreds of older aircrafts are being retired every year globally and replaced with new and

efficient fleet. This has increased the availability of surplus parts in the market obtained from retired aircrafts. This opens up

new opportunities for all the players in this market. Similarly, PMA vendors are also gaining more acceptance globally as the

providers of aftermarket parts. Due to the opportunities for growth in the market, and cost advantages of PMA parts, they

will continue to make a presence in the market.

Similarly, there has been a trend of market consolidation in this sector and it is likely to increase with the formation of larger

companies with broader offerings. Bigger and diverse companies can provide better services at larger scale. There were

about 1,700 commercial jets retirements in the 1990s. Due to the high fuel prices, fleet demographics and new efficient

aircrafts and engines, this number is estimated to reach about 6,000 - 8,000 this decade. This magnitude of retirements for

aircrafts will have a significant impact on the aircraft aftermarket parts market.

Industry/ Innovation/ Related News:

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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Commercial Aircraft Aftermarket Parts Market Research Report - Forecast to 2021

Market Segmentation of Global Commercial Aircraft Aftermarket Parts Market


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Commercial Aircraft Aftermarket Parts Market Research Report - Forecast to 2021

Commercial Aircraft Aftermarket Parts Market Segmentation

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

European market is dominating the market of commercial aircraft aftermarket parts market due to higher share of wide

body aircrafts in their fleet. Thus, as the aircraft fleet grow globally, so does the requirement for aftermarket parts for those

aircrafts.

Asia-Pacific is referred to as the second-largest commercial aircraft aftermarket parts market due to factors such as growth

in aircraft fleet have fuelled the demand for aircraft aftermarket parts market.

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Commercial Aircraft Aftermarket Parts Market Research Report - Forecast to 2021

Commercial Aircraft Aftermarket Parts Market Key Players

AAR, Eaton, General electric, Honeywell International, Rockwell Collins, AJW aviation, avail, BE aerospace, BF Goodrich,

Meggitt, Parker-Hannifin, and Pratt& Whitney and others are some of the prominent players profiled in MRFR Analysis and

are at the forefront of competition in the global commercial aircraft aftermarket parts market.

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