Press release
Air Transport USM Market Size to Reach $7.3 Billion by 2029 | Growth at 5.6% CAGR Forecast
Air Transport USM
What is the Projected Market Size of the Air Transport USM Industry?
In the past few years, the air transport usm market has seen vigorous growth. The market is anticipated to expand from $5.56 billion in 2024 to $5.87 billion in 2025, marking a compound annual growth rate (CAGR) of 5.4%. Key contributors to this historical growth include the aging aircraft fleet, efficient operational costs in the aviation industry, strict regulatory norms, a global increase in air travel, and initiatives for sustainability.
What Will Be the Size of the Air Transport USM Market by 2029?
Expectations are for substantial growth in the air transport usm market size in the coming years, with projections reaching $7.3 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.6%. This anticipated growth during the forecast period can be linked to the increasing need for aircraft maintenance, the rise of budget airlines, the circular economy in the aviation sector, market growth in developing regions, and resilience demonstrated during post-pandemic recovery. Key trends during this period are likely to encompass on-demand USM marketplaces, the use of artificial intelligence (AI) for optimizing inventory, remote diagnostics and support for maintenance, a focus on regulatory compliance, as well as collaboration and partnerships aimed at USM solutions.
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What Are the Key Drivers Accelerating Growth in the Air Transport USM Market?
The air transport USM market is predicted to grow due to an increase in air passenger numbers. Air passengers are typically individuals or businesses primarily engaged in transporting people via aircraft in interstate commerce. As air travel increases, the need for regular aircraft maintenance, repairs, and component overhauls also increases. For example, as per a March 2022 projection by the International Air Transport Association (IATA), a Canada-based organization that facilitates airline activities, by 2024, there will be a global passenger count of 4.0 billion (including multi-segment connecting flights counted as a single passenger), attaining pre-COVID-19 levels. The total passenger count for 2021 is expected at 83% in 2022, trailing at 94% in 2023, and exceeding to 103% in 2024 and 111% in 2025. Consequently, the surging air passenger numbers are a significant factor propelling the air transport USM market's growth.
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How Is the Air Transport USM Market Segmented by Type, Application, and Region?
The air transport usm market covered in this report is segmented -
1) By Product Type: Engine, Components, Airframe
2) By Aircraft Type: Narrow-Body Aircraft, Wide-Body Aircraft, Turboprop Aircraft, Regional Aircraft
3) By Application: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Engine: Turbine Engines, Piston Engines, Engine Parts And Accessories
2) By Components: Landing Gear Components, Avionics And Electronic Components, Hydraulic And Pneumatic Components, Electrical Components
3) By Airframe: Fuselage Sections, Wing Assemblies, Tail Sections, Structural Components
What Are the Key Trends Driving Growth in the Air Transport USM Market?
Leading firms in the USM air transport market are concentrating their efforts on creating cutting-edge solutions like air cargo links, with the aim to boost effectiveness and optimize logistics procedures. These cargo links are transportation channels that make the air transport of goods from one place to another easier. They create a synergy between air and ground logistics, improving efficiency and guaranteeing punctual delivery in the supply chain. A case in point is A.P. Moller-Maersk- a shipping and logistics company based in Denmark. In April 2023, the company announced the launch of a new air cargo link connecting the U.S. and China. The primary objective behind this launch is to enhance logistics services and cater to the increasing demand in that area. This fresh route is a significant part of Maersk's plan to broaden its air freight capabilities, paving the way for faster delivery times and heightened efficiency in the supply chain. This service will employ a mix of dedicated freighters and commercial passenger planes to help transport goods, catering to both e-commerce and traditional shipping necessities. Maersk's commitment to offer integrated logistics solutions and adjust to the ever-changing market scenarios is highlighted through this initiative.
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Who Are the Leading Companies Driving Growth in the Air Transport USM Market?
Major companies operating in the air transport usm market include Raytheon Technologies Corporation, Boeing Company, Delta Air Lines, Singapore Technologies Engineering Ltd., 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, 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, Aircraft Inventory, Avtrade Ltd.
Which Is the Leading Region in the Global Air Transport USM Market?
Asia-Pacific was the largest region in the air transport USM market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global air transport USM market during the forecast period. The regions covered in the air transport usm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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