Press release
Aviation MRO Market Size, Industry Insights, Growth Analysis To 2033
Aviation MRO Market Share
According to The Business Research Company's, The aviation mro market size has grown strongly in recent years. It will grow from $73.68 billion in 2023 to $79.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to aircraft fleet growth, aging aircraft maintenance, outsourcing trend, focus on safety and reliability, global air traffic growth..
The aviation mro market size is expected to see strong growth in the next few years. It will grow to $104 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to fleet expansion and modernization, data-driven maintenance, rise of aviation in emerging markets, regulatory changes and compliance, shift to outsourced mro services.. Major trends in the forecast period include rise of new entrants and competition, focus on sustainability, adoption of predictive maintenance, shift towards outsourcing, regulatory compliance and safety standards, advancements in aircraft technology..
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Market Drivers and Trends:
Growing air travel is expected to propel the growth of the aviation MRO market going forward. Air travel refers to traveling from one place to other by aircraft. Aviation MRO provides maintenance and repair services for aircraft which keeps the flights fit and in flyable condition at all times which is essential considering air travel is the most preferred mode of transport for international trips. For instance, in April 2022, according to the International Air Transport Association, a Canada-based international trade union of international airlines and the demand for air travel increased by 78.7% as compared to April 2021. Furthermore, the association expects the total number of passengers to reach 7.8 billion by 2036. Therefore, the increasing air travel is driving the aviation MRO market.
Technological innovations are a key trend gaining popularity in the aviation MRO market. Major companies in the market are introducing innovative products such as Traxxall cloud-based MRO modules to sustain their position in the market. For instance, in September 2021, Traxxall, a US-based maintenance software company, launched its new MRO module for aircraft maintenance tracking, workforce and accounting. The new module is based on cloud technology and provides comprehensive visibility for ongoing projects, resource allocation, labor costs and billing.
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Major Key Players of the Market:
Delta Airlines Inc.; AAR Corp.; Hong Kong Aircraft Engineering Company Limited; Airbus SE; Singapore Technologies Engineering Limited; KLM UK Engineering Limited; Lufthansa Technik AG; MTU Aero Engines AG; Raytheon Technologies Corporation; SIA Engineering Company Limited; TAP Maintenance & Engineering; SR Technics AG; British Airways Ltd.; Air-France Industries KLM Engineering & Maintenance Group; Bombardier Inc.; GE Aviation Inc.; L3Harris Technologies Inc.; Singapore Technologies Aerospace; AJW Group; Ameco Beijing; JAL Engineering; AFI KLM Engineering & Maintenance; Erickson Aircraft Services; Jet Aviation; StandardAero; Air Works Group; Gama Aviation; International Air Transport; BAE Systems; Collins Aerospace; Honeywell Aerospace; Pratt & Whitney
Aviation MRO Market 2024 Key Insights:
• The aviation mro market will grow to $104 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Surging Air Travel Boosts Growth In The Aviation Mro Market
• Cloud-Based Modules Revolutionizing Aircraft Maintenance In The Aviation Mro Market
• North America was the largest region in the aviation MRO market in 2023
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