Growth Drivers
Challenges
The global commercial aircraft aftermarket parts market is thriving on the back of growing aviation industry and the increasing number of commercial aircraft in service. Increasing demand amongst consumers for travelling by aircraft, which can save their travel time is driving the need among aircraft operators to add new aircrafts to serve their customers adequately. According to the statistical report released by Aviation Benefits Beyond Borders (ATBB) by the Air Transport Action Group (ATAG), around 31,717 units of commercial aircraft were in service around the world in the year 2017, out of which 82.5% or 26,150 units were jets and 17.5% or 5,567 units were turboprops.
The market is anticipated to record a CAGR of around 6.21% throughout the forecast period, i.e. 2020-2028. The global commercial aircraft aftermarket parts market is segmented by component type into engine, airframe, interior, cockpit systems and others, out of which, cockpit systems is anticipated to hold the largest market share which is driven by increasing sales of business and general aviation avionics worldwide. Various technical issues have been observed in the cockpit systems due to increasing number of hours travelled by aircrafts that would require the need for timely maintenance and repair of faulty parts. According to the statistics by the Aircraft Electronics Association (AEA), total annual sales of aviation avionics (retrofit and forward-fit) increased from USD 2.26 billion in the year 2016 to USD 2.73 billion in the year 2018. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Growing Need for Timely Maintenance of Aircrafts
According to the World Air Transport Statistics (2019) report of the International Air Transport Association (IATA), load factor for passenger traffic constituted to 81.9% and the load factor for freight traffic constituted to 49.3%. in the year 2019.
Aircraft carriers all over the world are on a buying spree with increasing number of aircraft fleet being purchased to handle the huge passenger and freight traffic in aircrafts. The flight running duration of aircraft carriers have been on the rise that has resulted in the need for timely maintenance of the aircrafts. As negligence in maintenance can cost aircraft carriers in billions, it is necessary to have a proper and timely maintenance system for aircrafts that can save time and money for airline operators. Further, increasing concerns for ensuring timely maintenance which can prevent any form of aviation accidents and incidents is also driving the demand amongst aircraft operators to repair the damaged parts on time. This can help the operators to minimize the chances of occurrence of any incidents that are associated with the operation of aircrafts. Moreover, aircraft maintenance at the right time can save the operators from incurring additional costs that may arise as a result of delay in servicing the aircrafts.
Increasing Age of Aircraft Fleet
According to the Bureau of Transportation Statistics, The total aircraft fleet of major aircraft operators was 5951 units in the year 2018, out of which, the average age of the aircraft fleet was recorded to 13.31 years.
Many aircraft carriers around the world are operating with aircrafts that have grown old over the time. Historically, developed nations were the first to own a large number of aircraft fleet, and with time, several developing nations started deploying aircrafts, which too are ageing over the time. Moreover, many small commercial aircraft operating players are using old aircrafts to avoid the burden of debt of purchasing new aircrafts. The challenge of ageing fleets amongst airline operators is driving the need among them to focus more on maintaining safety of the aircraft fleet by taking into account the aircraft’s airworthiness for repairs, alterations and modifications at comparatively lower costs. Such factors are anticipated to raise the demand for the global commercial aircraft aftermarket parts market over the forecast period.
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
4.6% |
Base Year Market Size (2024) |
USD 40.6 billion |
Forecast Year Market Size (2037) |
USD 68.83 billion |
Regional Scope |
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Author Credits: Dhruv Bhatia
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