DUBLIN--(BUSINESS WIRE)--The "Commercial Aircraft Aftermarket Parts Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The commercial aircraft aftermarket parts market is anticipated to register a CAGR of over 5% during the forecast period.
The growing commercial aircraft industry, along with the increasing average age of commercial aircraft, is driving the growth of the market.
The need for timely maintenance, repair and overhaul (MRO) services, along with the opening of new MRO facilities around the world, is also propelling the growth of the commercial aircraft aftermarket parts market during the forecast period.
The increase in inventory costs of spare parts for the airlines and MRO service providers is expected to hamper the commercial aircraft aftermarket parts market.
Key Market Trends
The Narrow-body Segment is Expected to Experience the Highest Growth During the Forecast Period
Globally, narrow-body or single aisle aircraft are the most widely used aircraft by airlines. The growth in LCC business model has further fueled the growth of the narrow-body aircraft. As the airlines seek to increase their connectivity and market presence, new routes are being introduced. The increasing landing and takeoffs of narrow-body aircraft are increasing the wear and tear of the aircraft, thereby, increasing the demand for narrow-body aftermarket parts market during the forecast period.
The Asia-Pacific Region is Expected to Experience the Highest Growth During the Forecast Period
The Asia-Pacific region currently has the highest market share and is anticipated to have the highest growth during the forecast period. This is primarily due to increasing air travel in countries, like India, China, Vietnam, Indonesia, Japan, and Taiwan, with approximately 6,600 aircraft in service by the beginning of 2018. The leading MRO service providers, airlines, and governments are collaborating to develop this region as a MRO hub for the aviation industry. For instance, Revima, the French APU and landing gear MRO specialist, has begun the construction of the new landing gear overhaul facility in Chonburi, Thailand for Airbus A320, Boeing 737, and ATR family aircraft. The company has invested about USD 30 million and aims to have the facility fully certified and ready by the first quarter of 2020. Such initiatives by the global players may generate demand for spare parts, thereby, driving the commercial aircraft aftermarket parts market.
The commercial aircraft aftermarket parts market is highly fragmented, due to presence of many players who provide various types of parts and components. Some of the prominent players in the commercial aircraft aftermarket parts market are The Boeing Company, Bombardier Inc., Collins Aerospace (United Technologies Corporation), Honeywell International Inc., and General Electric Company. The consolidation of the market by acquisition of local suppliers and manufacturers of parts and components by the leading OEM suppliers is further increasing the competitive rivalry. Additionally, the focus on the expansion of their businesses by innovative initiatives, increased investments, R&D, and introduction of customized products to cater the growing needs of the customers are expected to help the players to gain a significant share in the market.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Aircraft Type
5.1.3 Regional Aircraft
5.2 Component Type
5.2.4 Cockpit Systems
5.2.5 Other Component Types
5.3.1 MRO Parts
5.3.2 Rotable Replacement Parts
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.4.4 Latin America
184.108.40.206 Rest of Latin America
5.4.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Aventure International Aviation Services
6.2.2 Honeywell International Inc.
6.2.3 Collins Aerospace (United Technologies Corporation)
6.2.4 Meggitt plc
6.2.5 Parker-Hannifin Corp
6.2.6 General Electric Company
6.2.7 Moog Inc.
6.2.8 GKN Aerospace (Melrose Industries)
6.2.9 Goodyear Tire & Rubber Co
6.2.10 Michelin SCA
6.2.11 Bombardier, Inc.
6.2.12 The Boeing Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xtuifw