Global Commercial Aircraft Aftermarket Parts Market Expected to Expand at a CAGR of 6.21% by 2028|Industry Crucial Players- Parker Hannifin Corporation, Honeywell International Inc.

Research Nester has released a report titled “Commercial Aircraft Aftermarket Parts Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

International Air Transport Association (IATA) in its statistical report World Air Transport Statistics (2019) stated that load factor for passenger and freight traffic in the year 2019 constituted to 81.9% and 49.3% respectively.

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The statistics portray the increasing stress on aircrafts on account of rising flight running duration and the increasing air traffic. Owing to the growing number of air travelers worldwide, airline operators are increasing their aircraft fleet and utilizing their fleets efficiently. As such, timely maintenance of the aircrafts is preferred by airline operators so as to avoid accidental incidences as well as maintain a balance on the aircraft fuel efficiency. Additionally, growing aviation industry and rising number of commercial aircraft in service around the globe are some of the factors anticipated that are promoting significantly towards the growth of the global commercial aircraft aftermarket parts market. Air Transport Action Group (ATAG) in its statistical report Aviation Benefits Beyond Borders (ATBB) stated that during the year 2017, around 31,717 units of commercial aircraft were in service, of which, jets and turboprops constituted to 26,150 units and 5,567 units respectively.

The global commercial aircraft aftermarket parts market is anticipated to record a CAGR of 6.21% during the forecast period, i.e. 2020-2028. The market is segmented by component type into engine, airframe, interior, cockpit systems and others. Among these segments, cockpit systems segment is anticipated to hold the largest market share on account of increasing sales of business and general aviation avionics worldwide observed due to rising technical issues in cockpit systems. Aircraft Electronics Association (AEA), in one of its statistics stated that total annual sales of aviation avionics (retrofit and forward-fit) reached to USD 2.73 billion in the year 2018 from USD 2.26 billion in the year 2016.

Geographically, the global commercial aircraft aftermarket parts market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to hold the largest market share on account of the presence of large number of ageing aircraft fleet and a mature aviation market. Moreover, growing exports of parts of aircrafts from USA and Canada is expected to promote significantly towards the growth of the market in the region in the coming years. International Trade Statistics Database of the United Nations (UN Comtrade), stated that share of exports of parts of aircrafts in Canada reached to 2.59% in the year 2017 from 1.65% in the year 2016. Moreover, in the USA, share of exports of aircrafts reached 29.61% in the year 2017 from 18.11% in the year 2016.

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However, rising concerns for the increasing inventory costs impacting negatively towards the growing operational expenditure, coupled with the replacement of old aircrafts owing to lower fuel efficiency and high maintenance costs are some of the factors that might hamper the sales of the commercial aircraft aftermarket parts manufacturers. Such factors are estimated to act as a barrier to the growth of the global commercial aircraft aftermarket parts market.

This report also studies existing competitive scenario of some of the key players of the global commercial aircraft aftermarket parts market, which includes profiling of Aventure International Aviation Services, Parker Hannifin Corporation (NYSE: PH), Honeywell International Inc. (NYSE: HON), Meggitt PLC (LON: MGGT), United Technologies Corporation (NYSE: UTX), Moog Inc. (NYSE: MOG.A), The Goodyear Tire & Rubber Company (NASDAQ: GT), General Electric (NYSE: GE), GKN Aerospace Services Limited, and Bombardier Inc. (TSE: BBD.B).

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Commercial Aircraft Aftermarket Parts Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall commercial aircraft aftermarket parts industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global commercial aircraft aftermarket parts market in the near future.

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