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Aircraft MRO Market Size & Share to Record New Values for the Forecast Period 2020-2030
Aircraft MRO market to surpass USD 132.04 billion by 2031 from USD 83.02 billion in 2021 at a CAGR of 4.75% in the coming years, i.e., 2022-31.
Aircraft MRO refers to the Overhaul, inspection, repair, or modification of an aircraft or its components. The market for aviation maintenance, repair, and overhaul (MRO) is divided into two categories: MRO type and geography. The market is divided into four types of MRO: airframe, engine, component, and line maintenance.
Increased OEM presence in the MRO business, as well as the introduction of new technologies, are likely to propel market expansion in leaps and bounds in the coming years. The introduction of low-cost airlines, as well as the high level of expertise displayed by ground and maintenance crews, has accelerated the commercialization of the airline sector across the world.
Aircraft MRO market is segmented by Aircraft type into Narrow-Body, Wide-Body, Regional Jet, and Others. Among these, the Wide-Body category dominated the market in 2020. Wide-body aircraft is expected to grow at the highest rate throughout the projection period, owing to remarkable progress in the development of turbofan engines in recent years. Because of their complexity and costly maintenance, widebody planes have a high percentage of MRO costs.
Aircraft MRO market is segmented by Service type into Engine Overhaul, Airframe Maintenance, Line Maintenance, Modification, and Components. Among these, the Components category is expected to grow at a significant rate during the forecast period. This is due to an increase in airline firms' spending on aircraft maintenance and replacement components. Due to increased flying frequency, maintenance and critical repairs of cargo planes contribute to the segment's growth.
Luftancsa
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Aircraft MRO market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The Aircraft MRO market in Asia Pacific held the largest market share in 2020. In the forecast period, the Aircraft MRO market is expected to dominate Asia Pacific. Regional growth is projected to be fueled by an increase in air travel in the future years. With almost 5000 aircraft in operation, China has a greater market value. Other factors, such as increased international commerce and the need for new planes, are projected to fuel regional expansion.
Aircraft MRO market to surpass USD 132.04 billion by 2031 from USD 83.02 billion in 2021 at a CAGR of 4.75% in the coming years, i.e., 2022-31.
Luftancsa, SIA Engineering Company, GE Aviation, SR Technics, TAP M&E, United Airlines, British Airways, HAECO, AAR Corporation,
Components segment is anticipated to hold the Aircraft MRO Market share
Aircraft MRO refers to Overhaul, inspection, repair, or modification of an aircraft or its components. The market for aviation maintenance, repair, and overhaul (MRO) is divided into two categories: MRO type and geography. The market is divided into four types of MRO: airframe, engine, component, and line maintenance.
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