Press release
Global Aircraft Refurbishing Market to Reach $8.71 Billion by 2029, Growing at 7% CAGR
Aircraft Refurbishing Market
The aircraft refurbishing market is projected to expand as a result of the rise in air passenger traffic. The volume of commuters using air travel, both domestically and internationally, for airlines registered in the country is what constitutes air passenger traffic. It's crucial to refurbish aircraft to ensure their full functionality, safe operation for crew, passengers and ground staff, thus, higher air passenger traffic equals a higher need for refurbishment in the aircraft market. As an illustration, the European Union experienced a surge in air passengers up to 198 million in the first quarter of 2024, which was an 11.5% growth compared to the same timeframe in 2023, as per the data from Eurostat, a statistical office based in Luxembourg. Consequently, the growth in air passenger traffic propels the aircraft refurbishing market.
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What growth opportunities are expected to drive the aircraft refurbishing market's CAGR through 2034?
In recent times, the aircraft refurbishing market has seen a robust growth. The market, which was valued at $6.26 billion in 2024, is projected to grow to $6.7 billion in 2025, representing a compound annual growth rate (CAGR) of 7.0%. The historical growth in this market can be credited to factors such as older aircraft fleet, alterations for regulatory conformity, evolution in avionics, enhancements in cabin comfort and passenger experience, fuel efficiency increments, and a surge in air travel requirements.
In the upcoming years, the aircraft refurbishing market is projected to witness robust growth, expanding to "$8.71 billion by 2029 with a compound annual growth rate (CAGR) of 6.8%. This growth in the forecast period could be attributed to the increasing demand for eco-friendly practices, incorporation of connectivity solutions, new seat layouts adoption, improved safety features, economic aspects, and cost-efficient solutions. The forecast period is expected to be characterized by several trends such as the digitalization of cockpits and cabins, implementation of sustainable materials, adoption of progressive cabin technologies, bespoke and individualization, and the increased use of digitalization in the design and planning process.
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What are the emerging trends shaping the future of the aircraft refurbishing market?
The key trend emerging in the aircraft refurbishing market is the investment in the modernization of aircraft fleet interiors. Major market players are gaining a competitive edge by investing heavily in aircraft refurbishments. For example, the UAE-based airline, Emirates, made a significant investment of $2 billion in upgrading the interiors of its aircraft fleet in August 2022. This investment was aimed at boosting the inflight customer experience by improving cabin interiors across all travel classes.
Which growth-oriented segments of the aircraft refurbishing market are leading the industry's development?
The aircraft refurbishing market covered in this report is segmented -
1) By Aircraft Type: Very Light Aircraft, Wide Body Aircraft, Narrow Body Aircraft, Large Body Aircraft, VIP Aircraft
2) By Fitting Type: Retrofit, IFEC (In-flight Entertainment & Connectivity), Passenger Seats
3) By Refurbishing Service: Interior, Exterior
4) By End User: Government, Commercial
Subsegments:
1) By Very Light Aircraft: Single-Engine Very Light Aircraft, Multi-Engine Very Light Aircraft
2) By Wide Body Aircraft: Boeing 747, Airbus A350, Boeing 777
3) By Narrow Body Aircraft: Boeing 737, Airbus A320, Embraer E-Jet Series
4) By Large Body Aircraft: Boeing 767, Airbus A330, Boeing 787
5) By VIP Aircraft: Business Jets, Executive Airliners, Private Helicopters
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What regions are leading the charge in the aircraft refurbishing market?
North America was the largest region in the aircraft refurbishing market in 2024. The regions covered in the aircraft refurbishing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the aircraft refurbishing market?
Major companies operating in the aircraft refurbishing market include Autotrade Aviation Private Limited, Diehl Stiftung & Co KG, Duncan Aviation Inc., Gulfstream Aerospace Corporation, Hong Kong Aircraft Engineering Company Limited, Jamco America Inc., Jet Aviation AG, MAC Aero Interiors Inc., Rose Aircraft Services Inc., Intech Aerospace Inc., Greenpoint Technologies LLC, Nextant Aerospace Inc., The Boeing Company, Bombardier Inc., Pemco Conversions Inc., Lufthansa Technik AG, Singapore Technologies Engineering Ltd, AAR Corp., SR Technics Switzerland Ltd, Dassault Falcon Jet Corporation, RUAG Holding AG, HAECO Group, Comlux Aviation Services LLC, Flying Colours Corporation, StandardAero Inc., Textron Aviation Inc., Deer Jet Co Ltd., Constant Aviation LLC, JCB Aerospace LLC, JET MS LLC, VIP Completions Ltd., Associated Air Center, Basel Aero AG, SIA Engineering Company, Jet Support Services Inc., AMAC Aerospace Inc., Elliott Aviation, Midcoast Aviation Inc., West Star Aviation Inc.
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What Is Covered In The Aircraft Refurbishing Global Market Report?
• Market Size Forecast: Examine the aircraft refurbishing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the aircraft refurbishing market for a structured understanding.
• Key Players Overview: Analyze major players in the aircraft refurbishing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the aircraft refurbishing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the aircraft refurbishing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the aircraft refurbishing market.
• Industry Challenges: Identify potential risks and obstacles affecting the aircraft refurbishing market.
• Competitive Landscape: Review strategic developments in the aircraft refurbishing market, including expansions, agreements, and new product launches.
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