LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global narrow-body aircraft engine market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The report further segments the narrow-body aircraft engine market by engine type (turbofan engine and turboprop engine) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global narrow-body aircraft engine market:
- Decline in fuel prices decrease operating cost of aircraft
- Plans to reduce delivery backlog
- New opportunities for existing stakeholders
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Decline in fuel prices decrease operating cost of aircraft
The increasing production of aircraft with the growing demand for air travel is boosting the use of narrow-body aircraft in the aviation industry. Narrow-body aircraft are widely used in the no-frills service model. The airlines have put substantial preference in revamping their inventory with inducting new-generation aircraft that consumes less fuel. The low-cost carriers (LCC) are retrofitting their operational fleets with new-generation engines so that they can ensure reduction of operational costs to a large extent.
According to Ramyabrata Chakraborty, a lead analyst at Technavio for aerospace components research, “The dip in fuel prices has reduced the operational expenses of an aircraft, making air travel affordable and economical for customers. The exponential growth number of domestic flights and the increase in the penetration of flights in tier II and tier III regions will have a positive impact on the growth of the narrow-body aircraft engine market.”
Plans to reduce delivery backlog
The increase in disposable income and buying power of customers has led to an increase in the number of aircraft required. Accordingly, the number of domestic and regional aircraft has seen rapid growth. To cater to the exponential growth, aviation companies are manufacturing more regional aircraft, in turn, increasing the demand for narrow-body aircraft engines. The engines that are being manufactured cater to both the replacement of engines in existing aircraft and installation of new engines in new aircraft. The engine manufacturers are speeding their delivery process and adopting lean manufacturing processes to decrease the overall lead time needed to manufacture aircraft engines.
New opportunities for existing stakeholders
Constant innovation and research in the design and technology of engines ensure that the customers of the aviation industry are provided with modern and advanced engines. There is an intense competition within the suppliers to produce such engines and to strike partnerships with aircraft companies. As engines are customized to conform to the specifications of aviation companies, striking a deal between vendors and the aviation industry is comparatively difficult. However, it does provide more business opportunities for stakeholders to broaden their spectrum of products and services offered.
“As the investment is very high in designing and manufacturing new engines, there are only a few prominent players in the market, which can sustain a high amount of competition and risk associated with successful sales of products. With the increase in the demand for air travel and the penetration of aircraft services in tier II and tier III cities around the world, the demand for narrow-body and regional aircraft, along with the requirement for engines, is growing at a record speed,” says Ramyabrata.
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