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Air Transport USM Global Market: Industry Trends and Key Insights
Air Transport USM Global Market Share
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According to The Business Research Company's, The air transport USM market size has grown strongly in recent years. It will grow from $5.34 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to aging aircraft fleet, cost-efficiency in aviation operations, stringent regulatory standards, global air travel growth, sustainability initiatives.
The air transport USM market size is expected to see strong growth in the next few years. It will grow to $7.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rising demand for aircraft maintenance, expansion of low-cost airlines, circular economy in aviation, market expansion in emerging regions, resilience in post-pandemic recovery. Major trends in the forecast period include on-demand USM marketplaces, artificial intelligence (AI) for inventory optimization, remote diagnostics and maintenance support, emphasis on regulatory compliance, collaboration and partnerships for USM solutions.
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Market Drivers and Trends:
The rise in the number of air passengers is expected to propel the air transport USM market. An air passenger refers to a person or business involved primarily in the transportation of people by aircraft in interstate commerce. As air traffic grows, it becomes more important to maintain aircraft through repairs and component rebuilds regularly. For instance, in March 2022, the International Air Transport Association (IATA), a Canada-based association that supports airline activity, projects that there will be 4.0 billion passengers worldwide in 2024 (including multi-sector connecting flights as one passenger), reaching pre-COVID-19 levels. The total number of travelers in 2021, and in 2022, 83% are anticipated, followed by 94% in 2023, 103% in 2024, and 111% in 2025. Therefore, the increase in the number of air passengers is driving the growth of the air transport USM market.
The strategic partnership is a key trend in the aircraft transport USM market. Major players are entering into a partnership to leverage each other's resources and expand in the market. For instance, in June 2021, Pratt & Whitney CSA, a US-based manufacturer of aircraft and helicopter engines, partnered with Next Level Aviation. The partnership is aimed at the sale of USM for aircraft engines. Additionally, it strengthens Next Level Aviation's position as a leading global supplier of USM, notably supporting Boeing and Airbus's aircraft platforms and related jet engines. Next Level Aviation is a US-based company that distributes used serviceable materials (USM).
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Major Key Players of the Market:
HNA Group Co. Ltd., Raytheon Technologies Corporation, Boeing Company, Delta Air Lines, Singapore Technologies Engineering Ltd., Fanuc Corp., Lufthansa Technik AG, MTU Aero Engines AG, AirLiance Materials LLC, HEICO Corporation, Triumph Group, VSE Aviation Inc., GA Telesis LLC, Aviation Technical Services Inc., AerSale Inc., Unical Aviation Inc., AJW Group, Magnetic Group, TurbineAero Inc., Precision Aircraft Solutions, AAR Corporation, TES Aviation Group, A J Walter Aviation Limited, Liebherr Group, Air France Industries and KLM Engineering & Maintenance, Satair Inc., Wencor Group, WABNET GmbH, Aircraft Inventory, Avtrade Ltd.
Air Transport USM Market 2024 Key Insights:
• The air transport USM market size is expected to see strong growth in the next few years. It will grow to $7.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Soaring Air Passenger Numbers Fueling Growth In The Air Transport USM Market
• Strategic Partnerships Drive Growth In The Aircraft Transport USM Market
• Asia-Pacific was the largest region in the air transport USM market in 2023
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