Global Commercial Aircraft Aftermarket Parts Market - Forecasts and Analysis (2018 - 2023)
The global commercial aircraft aftermarket parts market is expected to grow at a CAGR of 5.95% till 2021. The average price of components in the last decade has increased by about 5% annually, which has considerably increased the value of the market. There is a huge backlog of commercial jets in the aviation market, and the failure of OEMs to deliver parts within time is expected give the aftermarket suppliers a chance to enter the market.
The major reason for growth in the market is a boom in the aviation industry and the consequent demand for newer fleets in the Asia-Pacific region. Unlike North America and Europe, which are well-connected by air, most countries in Asia-Pacific have limited connectivity. Much of it has got to do with limited infrastructure and air traffic. However, due to the rising disposable income in the region, air travel is becoming increasingly popular. As a result, the Asia-Pacific region holds the highest share in jet orders, and is projected to be home for the largest aftermarket parts market during the forecast period.
The market has been segmented by
Aircraft Type (narrow-body, wide-body, and regional aircraft); Application (MRO parts and rotable replacement parts); and Geography (North America, South America, Europe, the Middle East & Africa and the Asia-Pacific). Honeywell International, LKD Aerospace and Aventure Aviation are some of the key players in the global commercial aircraft aftermarket parts market.
What the report offers
Market analysis of the global commercial aircraft aftermarket parts market, with region-specific assessments and competition analysis on a global and regional scale. Market definition along with the identification of key drivers, opportunities and restraints. Expert interviews and their insights on market shift, current and future outlook and factors impacting vendors short term and long term strategies. Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and key companies that can influence this market on a global and regional scale. An extensively researched competitive landscape section with profiles of major companies, along with their market share. Identification and analysis of the macro and micro factors that affect the aircraft aftermarket parts market on a global and regional scale.