Aircraft Refurbishing Market Size, Share, Growth, Trends, Business Opportunities, Top Major Key Players Jamco America Inc., Air France Industries KLM E&M, Ascent Aviation Services , AAR , Hong Kong by 2025
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Aircraft Refurbishing Market Overview:
A complete or partial makeover of any aircraft is counted as aircraft refurbishing. It spans across mostly component, structural, systems, and avionics repairs. The global aircraft refurbishing market is riding strong on the demands generated by commercial airlines and is expected to catch up 6% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their latest report on the said market registered several factors as possible drivers in the coming years.
Passengers have become priority for airlines operators and that is what drives them to incorporate several modifications plans to upgrade VIP cabins and interiors in general. These changes are made to provide passengers with a world-class experience. At the same time, integrating lightweight materials for refurbishing brings down the fuel cost. However, its initial cost is quite high owing to which the global aircraft refurbishing market may witness sluggishness.
Aircraft Refurbishing Market Competitive Landscape:
Several companies are looking to benefit from the changing aircraft refurbishing market demography. Among them, companies like Aircraft Engineering Company (China), GKN (UK), Lufthansa Technik (Germany), SIA Engineering Company (Singapore), JCB Aero (France), and Singapore Technologies Engineering Ltd. (Singapore) are contributing the most. Their strategic steps are not just for their individual growth but also, helping the global market go ahead with a substantial speed.
Aircraft Refurbishing Market Segmentation:
MRFR's take on the aircraft refurbishing market reflects a segmentation of the market by aircraft type, refurbishing type, and application. These segments help in delving deep in to the sector to understand the potential better.
By aircraft type, the aircraft refurbishing market can be segmented into wide-body and narrow-body. The narrow-body segment is getting significant traction due to the increase in domestic flight numbers. The segment is expected to record the maximum CAGR during the forecast period.
By refurbishing type, the market can be segmented into partial or complete refurbishing, in-flight entertainment & connectivity system, cockpit, and others. Due to the surge in demand for luxurious rides, the in-flight entertainment & connectivity system segment is expected to grow with substantial CAGR over the review period.
By application, the aircraft refurbishing market includes passenger to freighter, commercial cabin refurbishing, and VIP cabin refurbishing. The passenger to freighter segment is expected to grow with the fastest CAGR during the assessment period. Aircrafts grow through a passenger to freighter conversion to increase the lifespan of it. Hence, the demand is expected to outgrow others,?
Aircraft Refurbishing Market Regional Analysis:
In a region-specific analysis of the aircraft refurbishing market, MRFR includes North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA). This will allow an in-depth analysis of the growth prospects on the basis of regions, both in terms of value and volume.
North America is expected to gain the maximum profit from the market due to the presence of several domestic and international airlines. At the same time, consumer's ability to spend considerably in affording flights has given power to airlines owners in investing for aircraft refurbishing. Presence of too many airlines has also spurred competition owing to which the market is now expecting a surge in contracts.
Europe is also having a good run in the market as the regional aerial connectivity is quite strong and is gaining further mileage from various European Union related issues. Presence of aircraft manufacturers is also expected to boost the market considerably. The APAC region is giving these other two regions tough competition as several airlines have started operating with investments made by private players. This is expected to provide the market high CAGR during the forecast period.?
In April 2019, Kuehne + Nagel inked a deal with Singapore Airlines for 3 years. The deal focuses mainly on refurbishment projects. The former will also provide end-to-end digital support to their customer. This deal will include the A380 fleet of Singapore Airlines.
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