The market is projected to expand at a CAGR of 5.8% between 2021 and 2031. With the onset of the novel COVID-19, sales prospects in the aviation industry were dampened due to restrictions imposed on international and domestic travel around the globe.
Closure of airports adversely impacted the aviation industry, in turn causing disruptions in the aircraft refurbishing market. However, recovery is on the card post resumptions of economic activities. Demand in the market is growing as the aviation sector gradually returns to normalcy.
The increasing demand for VIP cabin refurbishing due to the rise in air traffic in first class will boost the demand for the aircraft refurbishing market. On the back of the aforementioned factors, sales in the aircraft refurbishing market are expected to reach US$ 7.4 Bn by 2031-end.
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Aircraft Refurbishing Market 2021-2031 Outlook Compared to 2016-2020The aircraft refurbishing market is estimated to grow at a 5.8% CAGR between 2021 and 2031. The advent of new technologies for interior refurbishing in existing aircraft to make them more comfortable for passengers is aiding the growth of the market.
Many airlines are choosing to refurbish interiors with improved technologies to cater to the increasing demand for better comfort and luxury in air travel. Increasing production of narrow-body and wide-body aircraft fleets by commercial airlines due to increasing air passenger traffic is also fueling demand in the aircraft refurbishing market.
Many airlines are focusing on providing better comfort and amenities on short-haul flights to boost their reputation of airlines. This is increasing the demand for the refurbishing of aircraft interiors by commercial airlines.
Demand for VIP refurbishing is increasing in developing economies such as India, Middle East countries, and China. On the back of these factors, sales in the aircraft refurbishing market will increase by 1.8x, reaching a valuation of US$ 4.2 Bn in 2021.
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Key Takeaways of Aircraft Refurbishing Market Study
- The demand for retrofit aircraft refurbishing fitting types will grow at a CAGR of 5.7% over the assessment period
- The narrow body aircraft segment is expected to account for the leading share in the aircraft type segment. Demand in this category will increase at a CAGR of 5.2% through 2021 and beyond
- Demand for aircraft refurbishing in ASEAN will grow and China is set to surge at a 7.6% CAGR between 2021 and 2031
- China’s aircraft refurbishing market will register growth at 7.1% CAGR over the next ten years
The competitive landscape aircraft refurbishing market is highly consolidated, in which the leading players account for more than half of the market share. Some of the Leading players in the market are Diehl Shiftung & Co. KG, Gulfstream Aerospace Ltd., Jamco, Hong Kong Aircraft Engineering Co. Ltd, Jet Aviation AG, Lufthansa Technik AG, Raytheon Technologies, Safran SA and others.
These players have higher shares in the global market, and have longstanding relationships with several distributors, giving them an upper hand among their peers.
Find More Valuable InsightsThe research report analyzes the demand for aircraft refurbishing. The global aircraft refurbishing market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the market has been analyzed based on fitting type, aircraft type, refurbishing type and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market on both, the supply side and demand side.
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