As per a Future Market Insights study, the aircraft refurbishing market is projected to be valued at US$ 4.2 Bn in 2021. Growing airline fleets across the globe and the rise in demand for better comfort are anticipated to boost the aircraft refurbishing market between 2021 and 2031.
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 2016-2020
The 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.
Why is the U.S. Aircraft Refurbishing Market Considered Lucrative?
The U.S. market is predicted to remain one of the most lucrative markets during the forecast period, according to Future Market Insights. The U.S. aircraft refurbishing market is estimated to account for over 90% of North America market in 2021.
North America has highest aircraft fleet, with the U.S. contributing for maximum share. Also, the fleet size is growing due to increasing air travel and adoption of advanced technology in aircraft repair.
This is facilitating growth of the aerospace industry in North America. Growth in the industry also is driven by the strong presence of complete aircraft completion centers that specializes in aircraft cabin design modifications and deliver VIP completions.
Hence, with the increase in air travel demand and growth in air passenger traffic for tourism and business purposes, the need for aircraft refurbishing is expected to grow at 5.1% CAGR through 2031.
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The competitive landscape
The 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.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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