Narrow body Aircraft MRO Market grow at a CAGR of around 4.5% | Analysis by Leading Players: GE Aviation, Honeywell Aerospace, Lufthansa Technik, Pratt & Whitney

Market Highlights:

The global narrowbody aircraft MRO market comprises of the maintenance and repair of narrowbody aircraft components, engines, and air fins. Moreover, the aerospace industries are early adopters of emerging market trends in maintenance service, which has led to the development of aircraft MRO system. The rise in popularity of radio-frequency identification (RFID) and integration of portable devices for the effective turnaround is estimated to drive the market during the forecast period.

Although the narrowbody aircraft has a lesser capacity than the wide-body aircraft, they are larger in number. Some major narrowbody aircraft are Airbus A318, A319, A320, and A321; the Boeing B727s, and B737s. These planes fly over short routes, and are, therefore suited to cater to budget passengers. As of 2016, there have been over 15,000 narrow-body planes, across the world, which might get replaced by approximately 12,000 such planes by 2035. At the same time, there has been an increase in the number of low-cost carriers in the recent years that have propelled the market for narrow-body planes, globally. Therefore, there have been some developments in the aircraft MRO market for narrow-body planes, in the recent years.

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Major Key Players

GE Aviation,
Honeywell Aerospace,
Lufthansa Technik,
Pratt & Whitney,
Rolls-Royce,
Air Works,
Jet Maintenance Solutions,
GMF AeroAsia
Singapore Technologies Aerospace and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global narrowbody aircraft MRO market.

Industry/ Innovation/ Related News:
November, 2014 – Air works India has formed a joint-venture with Nepal-based Yasaka Investment that will provide aviation maintenance services to international airlines.
March, 2018 - Lufthansa Technik AG have signed a Total Component Maintenance contract for Jet Airways' narrowbody fleet of 80 Boeing 737NG, with single components repaired in a closed-loop and flat rate-based process.

Segmentation
The global narrowbody aircraft MRO market is segmented based on MRO type, platform, and region. On the basis of MRO types, the engine MRO is widely used and captures the majority of global narrowbody aircraft MRO market due to the need for proper maintenance of engines and engine components. On the basis of platform, the commercial segment is estimated to grow at the highest CAGR during the forecast period.
The market is segmented based on North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America is expected to dominate the market in the future, due to the growth in air traffic in the international long-haul routes. European region is second to Asia Pacific in the global narrowbody aircraft MRO aircraft market, due to the presence of major MRO service providers, such as Lufthansa Technik. Thus, the global narrowbody aircraft MRO market is estimated to witness approximately 5% CAGR during the forecast period of 2017-2023.

Regional Analysis
North America region market is dominating the market of narrowbody aircraft MRO market due to growth in air traffic in the international long-haul routes. The market in the developed countries is largely driven by fleet size expansion which helps in growth of narrowbody aircraft MRO market.
European region is referred to as the second-largest narrowbody aircraft MRO’s market due to factors such as presence of major MRO service providers have fuelled the demand for narrowbody aircraft MRO market.

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Target Audience
• MRO Vendors
• Component Suppliers
• Potential Investors
• Key executive (CEO and COO) and strategy growth manager

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