About Aircraft Aftermarket Parts
The aircraft aftermarket parts are mostly used in the maintenance and renovation activity of an airplane after it is manufactured. Aircraft need the parts as they remain in service for many years, and also due to the strict regulations, which need to be maintained and repaired at several intervals and it requires a reliable supply chain of aftermarket parts to prevent Aircraft on Ground (AOG) situations. Aftermarket parts are mainly utilized for MRO activities and also as Rotable Scrap Replacement. The aircraft aftermarket parts market is expected to continue growing in the coming years, driven by increasing air traffic, an aging aircraft fleet, and technological advancements.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The players are focusing on expansion of their businesses by planning innovative initiatives such as mergers and acquisitions, increased research and development activities, increased investment for outsourcing various processes and advanced product portfolio in order to sustain the competition in the global commercial aircraft aftermarket parts market. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Aircraft Aftermarket Parts market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AAR Corp. (United States), AFI KLM E&M (France), Collins Aerospace (United States), GENERAL ELECTRIC (United States), Honeywell International Inc. (United States), Pratt & Whitney (United States), Rolls-Royce plc (United Kingdom), A.J. Walter Aviation Limited (United Kingdom), Capgemini (France), The Boeing (Germany) and Fastenal (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Kellstrom Aerospace (United States), BE aerospace (United States), Aviall (United States), Eaton (Ireland) and Meggitt PLC (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Aircraft Aftermarket Parts market by Type (MRO Parts and Rotable Scrap Replacement Parts), Application (Commercial Aircraft, Business & Regional Jets, Military Aircraft, Helicopters and Others) and Region.
On the basis of geography, the market of Aircraft Aftermarket Parts has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Airframe will boost the Aircraft Aftermarket Parts market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction of 3D Printing Technology
Market Growth Drivers:
Increase in Inventory Costs of Spare Parts for the Airlines and Growing Use of Narrow-Body Aircrafts
Challenges:
High Cost of Fleet Replacement
Restraints:
Large OEMs Have Monopoly on Aftermarket Business
Opportunities:
Growing Fleet of Commercial Aircraft and Aging Military Aircraft Fleets and Rising Demand for Air Travel in Emerging Economies
Market Leaders and their expansionary development strategies
In October 2023, Hindustan Aeronautics Limited (HAL) and Safran Aircraft Engines signed an agreement with their intent to develop industrial cooperation in aircraft parts. This partnership marks a significant step towards strengthening India's position in the global aerospace industry.
In June 2023, Capgemini launched Lifecycle Optimization for Aerospace. This platform aims to accelerate the adoption of circular economy practices in the aviation industry by automating the inspection process, optimizing the lifecycle analysis of aircraft parts, and guiding decisions to extend their lifespan.
Key Target Audience
Manufacturers of Aircraft, Suppliers of Aircraft Parts, Aerospace Industry, Governmental Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.