The global functioning of commercial aircraft depends on the commercial aircraft aftermarket parts market. Avionics, landing gear, engines, and interior parts are examples of aftermarket parts that guarantee an aircraft's operation and safety after it is sold. Airlines, MRO facilities, and other stakeholders purchase these parts from manufacturers, distributors, and service providers in order to maintain and repair their aircraft.
According to SPER market research, ‘Global Commercial Aircraft Aftermarket Parts Market Size- By Aircraft Type, By Component Type, By Parts- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Commercial Aircraft Aftermarket Parts Market is predicted to reach USD 73.74 Billion by 2033 with a CAGR of 6.1%.
DRIVING FACTORS:
- The increasing global air traveler population is driving up demand for aftermarket components for commercial aircraft as airlines struggle to keep their fleets in good condition and ensure passenger safety.
- Ageing Aircraft Fleets: As a large number of aircraft in use today approach the end of their operating lifespan, they require more frequent maintenance, upgrades, and component replacements, which is driving up demand for aftermarket components.
- Improved avionics systems, lighter materials, and more fuel-efficient engines are just a few examples of how advancements in aerospace technology are driving up demand for cutting-edge aftermarket parts that increase aircraft performance and efficiency.
- Regulatory Requirements: Aviation authorities around the world set stringent safety and regulatory regulations, which require airlines to inspect, repair, and replace aircraft components on a regular basis, boosting demand for aftermarket parts.
CHALLENGES:
- High Aftermarket Parts Cost: It can be challenging for airlines and MRO facilities with limited resources to obtain aftermarket parts for commercial aircraft because these parts can be costly, particularly for complex systems and components.
- Counterfeit Parts: The presence of counterfeit aftermarket parts on the market poses a substantial risk to aircraft safety and reliability. This issue emphasises the importance of strong quality control and regulatory requirements.
- Inventory Management Challenges: Managing a large inventory of aftermarket parts may be difficult and costly, since airlines and MRO facilities must guarantee that they have the necessary components on hand at the right time while minimising inventory carrying costs.
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COVID Impact:
The global COVID-19 pandemic has had a severe influence on the commercial aircraft aftermarket parts sector. The aviation industry faced unprecedented obstacles, such as travel restrictions, decreased passenger demand, and fleet groundings. As a result of fewer maintenance procedures and delayed fleet expansion plans, there was a decline in the demand for aftermarket parts. Due to the need for fleet optimization, upgrades, and aircraft reactivations, the aftermarket parts market is anticipated to grow as the industry eventually recovers.
Asia-Pacific has the largest market share and is expected to have the fastest regional expansion in the commercial aircraft aftermarket parts market. The surge in air travel in nations such as India, China, Vietnam, Indonesia, Japan, and Taiwan has resulted in regional airlines launching fleet expansion programmes to meet demand over the previous two decades.
A J Walter Aviation Limited, Honeywell International Inc., Meggitt PLC, Moog Inc., Parker-Hannifin Corporation, The Boeing Company, and Others are a few more major companies in the market.
For More Information, refer to below link:-
Aircraft Aftermarket Parts Market Size
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