Air Transport MRO Market share to expand at a CAGR of 4.8% by year 2031

In a recent market study, ESOMAR-certified consulting firm Future Market Insights (FMI) projects the global air transport MRO market share to reach US$ 72.6 Bn in 2021. With gradually increasing air travel and cargo transport rates, the market is poised to exhibit a 4.8% CAGR during the assessment period. The European air transport MRO market is projected to grow at a 4.0% CAGR through 2031.

Sales of air transport MRO services witnessed a downturn in 2020 due to the travel restrictions imposed to contain the novel coronavirus outbreak. However, with resumptions in movement, the market experienced year-over-year growth by 5.0% between 2020 and 2021.

As the pandemic caused various airlines to park aircraft fleets for prolonged periods of time, the demand for air transport MRO services experienced upticks. This has created lucrative opportunities for players operating in the market.

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Apart from this, the emergence of connective technologies such as blockchain, cloud computing, and digital twins in aircraft maintenance will continue driving market growth during the forecast period. MRO service providers are benefitting from launching data-driven MRO solutions and the trend is anticipated to prevail in the forthcoming years.

As per FMI's regional analysis, the U.S. is anticipated to dominate the North American air transport MRO market. Growth can be attributed to expansions in the aviation industry and stringent government regulations mandating the timely inspection of aircraft for maintenance. Additionally, the presence of leading MRO service providers and OEMs will continue driving developments in the air transport MRO market.

"Product developments by OEMs in collaboration with MRO service providers, coupled with expansion of the aviation industry in emerging economies will continue augmenting market growth through 2031," says the FMI analyst.

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Key Takeaways:

Applications of air transport MRO in the engine segment are estimated to remain high through 2031.
Based on aircraft type, narrow-body aircraft will dominate the segment.
The U.S. is anticipated to experience high demand for air transport MRO services, owing to the presence of leading players and a vast military and commercial aviation fleet. The North American air transport MRO market is projected to grow at a 4.5% CAGR.
The U.K. will emerge as a lucrative market, owing to growing demand for MRO services in the VIP and private jet sectors. The European market is poised to expand at a 4.0% CAGR.
Demand for air transport MRO will rise at a positive pace in China, due to the addition of new airlines and aircraft fleets.
Japan and South Korea will collectively account for 4.8% of the total market share.
AAR Corporation, Air France Industries KLM Engineering & Maintenance, Delta TechOps (Delta Corporation Ltd, Hong Kong Aircraft Engineering Company (HAECO) Ltd, Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, and SIA Engineering Company (SIAEC) are among the air transport MRO market players, as profiled by FMI.

Top 5 players comprise Hong Kong Aircraft Engineering Company Limited, Singapore Technologies Engineering Ltd, Air France-KLM, AAR Corp., and Lufthansa Technik AG, holding 11% of the total market share.

As a part of their growth strategies, prominent players operating in the global air transport MRO market are concentrating on mergers, collaborations, and acquisitions to expand their global footprint. For instance:

In May 2021, Lufthansa Technik and Airbus teamed up to offer customers with a reversible cargo-in-cabin solution to satisfy urgent flying and transport requirements easily.
In June 2021, Turkish Technic and Boeing announced the renewal of their tailored package parts agreement, extending the MRO service providers' contract by three years. The contact will allow Turkish Technic to reinforce its reliability, efficiency, and access to a global market of parts and component services.

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Air transport MRO Market by Category

By Application Type:

Airframe
Engine
Component
Line
By Aircraft Type:

Narrow Body Aircraft
Wide-Body Aircraft
Regional Jet
Turbo Prop
By Region:

North America
Latin America
Western Europe
Eastern Europe
China
Japan
India
South East Asia & Others (SEA)
Middle East & Africa (MEA)

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Contact:

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.