Aircraft Aftermarket Parts Market 2019 Global Analytical Overview by Key Leaders: Aviall, Eaton, General Electric, Honeywell International Inc., Meggitt PLC, Parker Hannifin Corporation, Collins Aerospace, and Kellstrom Aerospace

Market Snapshot:

The global aircraft aftermarket parts market is expected to register a 7.63% CAGR during the forecast period of 2017 to 2023.The global aircraft aftermarket parts market is expected to witness substantial growth during the forecast period. North America is estimated to be a prominent regional market due to the presence of several aftermarket parts providers such as AAR, Honeywell International Inc., Parker Hannifin Corporation, and Collins Aerospace. Europe accounted for the second-largest market share of 25.28% in 2017 due to the increasing upgradation of aircraft in Germany and France.

Asia-Pacific accounted for the third-largest share of the global aircraft aftermarket parts market in 2017. Asia-Pacific is expected to be one of the most attractive markets for aftermarket parts owing to significant investments by companies in MRO facilities. China and India are likely to account for substantial shares of the aircraft aftermarket parts market in Asia-Pacific during the forecast period.

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Competitive Analysis

The key players in the global aftermarket parts market are AAR (US), A.J. Walter Aviation Limited (UK), Aviall (US), Eaton (Ireland), General Electric (US), Honeywell International Inc. (US), Meggitt PLC (England), Parker Hannifin Corporation (US), Collins Aerospace (US), and Kellstrom Aerospace (US).

Key Developments

In December 2018, Meggitt PLC signed a long-term contract for five years with Turkish Technic for the supply of MRO and spares services. Meggitt will provide products and services such as high-performance sensing systems, fire protection and control, fluid control, pneumatic, thermal management, and electro-mechanical equipment.

In June 2017, Parker Hannifin Corp. launched Parker360 to provide world-class aerospace aftermarket solutions on a single platform.

Segmental Analysis

The global aircraft aftermarket parts market has been segmented based on parts, application, and region.

On the basis of parts, the global aircraft aftermarket parts market has been classified as MRO parts, rotable scrap replacement parts, consumable, and expendable. The MRO parts segment is estimated to be the largest while the rotable scrap replacement parts segment is expected to be the fastest-growing during the forecast period. Maintenance, repair, and overhaul (MRO) parts include engines, components, and airframe parts. MRO is carried out by companies to retain or restore aircraft parts for smooth functioning. In the US, all companies offering MRO services must be certified by the FAA, and all employees must be trained and qualified. Airlines also have to carry out MRO services at certified stations.

Based on application, the aircraft aftermarket parts market has been divided into commercial and military. The commercial segment is projected to be larger and the military segment is estimated to register the higher CAGR during the forecast period. Commercial aircraft are used to transport passengers, cargo, and mail. They include narrow-body and wide-body aircraft. Commercial aircraft offer speedy transportation and can be used for rescue operations during earthquakes, accidents, and floods. Due to a rise in commercial air transport, there has been increased demand for aircraft aftermarket parts in recent years. Moreover, many currently operational aircraft would have to be modernized by 2023, which is expected to drive market growth.

Regional Analysis

The geographic analysis of the global aftermarket parts market covers North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America is expected to dominate the market during the forecast period due to the increasing number of MRO service providers and growing aircraft fleets in the US. The market in Asia-Pacific is expected to register the highest CAGR during the forecast period.

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