According to the latest research report titled “Aircraft MRO Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 68.35 billion by 2028, registering a CAGR of 4.3% during 2021–2028.
Growing Demand for MRO Services in Emerging Economies to Drive Market Growth during Forecast Period
With the rapid growth of the aviation industry in recent years, demand for airline MRO services has risen as well. Emerging economies in APAC are putting a strong emphasis on providing MRO services to both commercial and military aircraft manufacturers. Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. are a few major aircraft MRO companies operating in APAC. The adoption of aircraft maintenance services is being driven by increased spending on aviation infrastructure, economic growth, and a rise in passenger numbers. Furthermore, an increasing number of middle-class travelers—particularly in APAC countries such as China, Singapore, and India—propels the air travel development, which is driving the demand for aircraft maintenance services in the region.
Singapore dominates the aircraft MRO market in APAC due to its existing hubs of MRO and significant presence of major industry players such as GE Aviation, Airbus, and Rolls-Royce. The country comprises 120 aerospace firms, according to the Wisconsin Economic Development Corporation (WEDC), accounting for one-quarter of the APAC MRO industry.
The aircraft count in Asia is rising, which, in turn, is accelerating the demand for advanced aircraft MRO services. For example, AirAsia India added three new A320 neo planes to their fleet in December 2020. By 2021, the company intends to expand its fleet by buying two more A320 neo aircraft. In addition, according to Boeing's aviation market forecast, APAC countries will need 16,930 additional planes by 2037 to meet the growing number of travelers. To meet future aircraft demand, the region is projected to account for 40% of future airline production. Thus, increasing growth of aviation industry in emerging countries is driving the market growth.
Key Findings of Study:
• The commercial aviation sector is booming at a rapid pace, which is providing new opportunities for Chinese airlines as well as international airlines to establish new routes to, from, and around China. The boosting demand for commercial aircraft is leading airlines to order more modern aircraft with the latest technologies integrated into the aircraft. In the long run, MRO activities would shift toward the APAC as India and China are lined up to establish their importance as MRO centers.
• The retrofitting trend is exploding among MRO service providers, which is propelling the aircraft MRO market growth. A similar trend is expected to continue in the coming years, and the convergence of advanced and new technology on older aircraft fleets is expected to transform the aircraft MRO market environment as well as the aviation industry's face.
• The commercial aviation sector is putting a lot of pressure on the aircraft MRO industry, including civil aviation airlines, business jet owners, training aircraft owners, and military forces. Since the engine is the most important part of an aircraft, it is critical to maintain and repair it on a regular basis. Additionally, military forces maintain their aircraft engines on a regular basis to keep their fleets mission-ready. As a result, the emphasis on engine MRO is increasing. The engine MRO market is expected to be driven by all of the above factors year after year.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@reportsweb.com