Robust Growth and Increasing Aircraft Fleet Propel the Air Transport MRO Market Growth to US$ 130 Billion by 2033 at a CAGR of 5%

In a recent market study, ESOMAR-certified consulting firm Future Market Insights (FMI) projects the global air transport MRO market growth to reach US$ 72.6 Billion in 2021. With gradually increasing air travel and cargo transport rates, the market is poised to exhibit a 4.8% CAGR during the assessment period.

Due to the travel limitations put in place to battle the most recent coronavirus epidemic, sales of MRO services for air transport decreased in 2020. Due to a rise in activity, the market was able to grow by 5.0% per year between 2020 and 2021.

Air transport MRO services were in greater demand as a result of the outbreak’s requirement that many carriers park their fleets of aircraft for protracted periods of time. Market participants now have exciting opportunities as a result.

The growth of the sector will also be aided by the development of connective technologies for maintaining aircraft, such as blockchain, cloud computing, and digital twins. Launching data-driven MRO solutions has benefited MRO service providers, and this trend is expected to continue in the years to come.

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The U.S. is anticipated to dominate the North American air transport MRO industry, according to a local research by FMI. The expansion of the aviation sector and stringent legal requirements requiring regular aeroplane maintenance inspections are two factors that contribute to growth. Leading OEMs and MRO service providers will continue to be the main drivers of industry expansion.

 “Product developments by OEMs in collaboration with MRO service providers, coupled with expansion of the aviation industry in emerging economies will continue augmenting market growth through 2031,” says the FMI analyst.

Key Takeaways:

The engine segment is expected to continue to use air transport MRO at a high rate through 2031.

The category will be dominated by narrow-body aircraft in terms of aircraft type.

Due to the presence of major companies and a sizable military and commercial aircraft fleet, the U.S. is expected to see a significant demand for air transport MRO services. According to projections, the North American air transport MRO market will expand at a 4.5% CAGR.

Due to the rising need for MRO services in the VIP and private jet sectors, the U.K. will become a lucrative market. The European market is anticipated to grow at a CAGR of 4.0%.

the need for air travel MRO will increase in China at a healthy rate as a result of the entry of new airlines and aircraft fleets.

4.8% of the market will be accounted for by Japan and South Korea combined.

AAR Corporation, Air France Industries KLM Engineering & Maintenance, Delta TechOps (Delta Corporation Ltd, Hong Kong Aircraft Engineering Company (HAECO) Ltd, Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, and SIA Engineering Company (SIAEC) are among the air transport MRO market players, as profiled by FMI.

Top 5 players comprise Hong Kong Aircraft Engineering Company Limited, Singapore Technologies Engineering Ltd, Air France–KLM, AAR Corp., and Lufthansa Technik AG, holding 11% of the total market share.

As a part of their growth strategies, prominent players operating in the global air transport MRO market are concentrating on mergers, collaborations, and acquisitions to expand their global footprint. For instance:

In May 2021, Lufthansa Technik and Airbus teamed up to offer customers with a reversible cargo-in-cabin solution to satisfy urgent flying and transport requirements easily.

In June 2021, Turkish Technic and Boeing announced the renewal of their tailored package parts agreement, extending the MRO service providers’ contract by three years. The contact will allow Turkish Technic to reinforce its reliability, efficiency, and access to a global market of parts and component services.

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Air transport MRO Market by Category

By Application Type: 

Airframe

Engine

Component

Line

By Aircraft Type:

Narrow Body Aircraft

Wide-Body Aircraft

Regional Jet

Turbo Prop

By Region: 

North America

Latin America

Western Europe

Eastern Europe

China

Japan

India

South East Asia & Others (SEA)

Middle East & Africa (MEA)

Key Points Covered in Air Transport MRO Market Survey

Market estimates and forecast 2021-2031

Key drivers and restraints impacting market growth

Segment-wise, Country-wise, and Region-wise Analysis

Competition Mapping and Benchmarking

Brand share and Market Share Analysis

Key Product Innovations and Regulatory Climate

COVID-19 Impact on Air Transport MRO Market and how to Navigate

Recommendation on Key Winning Strategies

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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