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Commercial Aircraft Maintenance, Repair and Overhaul (MRO) Market Top Leading Manufacturers: AAR Corporation, AFI KLM, Delta TechOps, GE Aviation, GMF, HAECO, Iberia Maintenance

08-02-2018 06:02 PM CET | IT, New Media & Software

Press release from: Market Prognosis

The aircraft maintenance, repair and overhaul market are anticipated to register a CAGR of 6.17% over the forecast period (2018 - 2023). Different MROs have introduced improvement processes to enhance aircraft efficiency and several are using new technological systems to gain additional upgrades and prepare for the bigger data requirements of next-generation aircraft. The aircraft maintenance, repair and overhaul market are expected to reach USD 100.79 billion in 2023.

INCREASING FLEET SIZE

In 2013, aviation industry came out of the effects of the global economic recession to record post-tax profit of USD 10.6 billion. This was achieved as a result of an increase in demand, positive impact on cash flow of industry restructuring and slightly lower than expected fuel costs. This positive growth has fueled the growth of civilian aircraft fleet sizes all over the world thereby driving the aircraft MRO market.

Key Developments in the Market:

November 2017: Global Aviation Services leader AAR have announced that they have been selected by Republic Air Inc. for performing heavy maintenance checks on the company’s fleet of 188 Embraer 170/175 aircraft under a four year agreement.

September 2017: AAR, a global aviation services company have announced that they have signed a 10 year agreement to provide for airframe maintenance for Air Canada and also has agreed to acquire two premier aviation facilities.

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Major Players:

AAR Corporation, AFI KLM, Delta TechOps, GE Aviation, GMF, HAECO, Iberia Maintenance, Lufthansa Technik, MTU Aero Engines, Pratt & Whitney amongst others.

INCREASING CUSTOMER PREFERENCE TOWARDS LCC AIRLINES

Low-cost carriers are expanding at a fast pace in the airline's industry. Many profitable airlines in the world like that of Southwest Airlines, Ryan Air, and Indigo are low-cost carriers. Low-cost carriers occupy more than 1/4th of the Middle East and Africa airline market, and they are well poised on their way to occupy 1/3rd of the market share in a few years. Thereby, passengers who are willing to pay a substantial amount of money per ticket to travel via full-cost airlines are expecting more facilities, and even regular passengers of full-cost airlines sometimes shift towards low-cost airlines because of reduced fares and little difference in amenities offered. This has been evident in the Indian aviation sector, where even high-income passengers were observed to shift to Indigo from full-service carriers like Jet Airways and Air India. These carriers, which used to have infotainment systems on their aircraft up until four-five years ago, now have removed these systems from their domestic services. As a result, the only major difference that remains between them and low-cost airlines now is the meal that is provided. Thus, full-cost airlines are experiencing the crunch, in the form of lower load factors, than low-cost carriers. In 2015, three out of four most profitable airlines in the United States (barring Alaska Airlines), were low-cost airlines. This trend gives an indication towards the general state of full-service airlines. With such tough competition from low-cost players, full-fare carriers are trying to add value to the services they provided to customers. In order to maintain the growing LCC flights in operating conditions, necessary MRO services should be available thereby driving the aircraft MRO market.

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The aviation market has reported a rapid increase in traffic across the globe, and this has allowed the airlines to provide frequent flights and place orders for new aircraft. Indigo, an Indian airline, placed an order for 150 Airbus A320 in 2010 when it began operations in the domestic sector. Airbus and Boeing together have a combined order backlog of 18,000 aircraft as of 2017.

The year 2013 saw a 2% increase over 2012, concerning number of scheduled flight services; more than 31.6 million. The civilian aircraft fleet is expected to grow from around 28,000 in 2014 to more than 35,500 by 2022.

In 2015, aviation industry saw the most significant orders for the purchase of a narrow body jet when Indigo Airlines of India placed a second order for 250, A320 aircraft to cater to the increasing demands of connectivity and regular services. The delivery of these aircraft will begin in 2017 and are expected to be finished post-2021. This order is not one of its kinds. Led by increasing penetration of commercial airliners in emerging markets, the number of aircrafts in service has been multiplying, and this is providing the necessary impetus to the global aircraft maintenance and repair operations market.

This increase in fleet size in the military aircraft market is led by huge spending increase from Saudi Arabia, India, and Russia, the military aircraft market has been experiencing high growth. India and Saudi Arabia, in particular, have been ramping up their purchases due to growing tensions in the respective regions. One of the most recent high profile orders was the purchase of 36 Dassault Rafale aircrafts by India in 2015 and a massive order for Saab Gripen is expected from Brazil soon. India also released intentions for purchase of 250 fighter aircrafts that will serve the medium role and attack requirements in the country’s Defense. Helicopters and transport aircraft number in operation has also seen a dramatic rise in numbers in the past decade reaching an estimated share of 60% by fleet size for global military aircraft.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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ProgMark Pvt Ltd,
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India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

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