Aircraft Aftermarket Parts Market Share, Trends, Revenue, Demand, CAGR Status, Challenges, Key Manufacturers and Growth Opportunities till 2033


Aircraft Aftermarket Parts Market Share, Trends, Revenue, Demand, CAGR Status, Challenges, Key Manufacturers and Growth Opportunities till 2033: SPER Market Research

 Published: Mar-2024
 Author: SPER Analyst

Commercial Aircraft Aftermarket Parts Market is projected to be worth USD 73.74 Billion by 2033 with a CAGR of 6.1%.

Commercial aviation aftermarket parts are components and systems used to maintain, repair, and refurbish commercial aircraft after they have been supplied by the original equipment manufacturer (OEM). These parts are used to replace worn and broken components or upgrade existing systems in order to improve aircraft performance or meet new regulatory standards, ensuring that the aircraft remains safe, dependable, and efficient. Aftermarket parts are typically less expensive than OEM parts, which helps to reduce maintenance expenses. Aside from that, their widespread and convenient availability decreases aircraft downtime and increases operational efficiency.

Global Commercial Aircraft Aftermarket Parts Market Driving Factors and Challenges

The market is primarily driven by the growing aviation sector and increased manufacturing of aircraft components. The increased demand for proper commercial aircraft maintenance, upgrade, and repair to improve safety and efficiency fuels the expansion of the commercial aircraft aftermarket parts sector. The growing aviation traffic and fleet renewal requirements necessitate periodic aeroplane part repairs and replacements. The rising average age of commercial aircrafts also motivates corporations to maintain their fleet. Rising demand for fuel-efficient commercial aircraft, as well as the increased usage of 3D printing in the aircraft production process, are also driving growth in the commercial aircraft aftermarket parts business. The expansion of existing enterprises into emerging nations, rising demand from developing countries, and increased sales of aviation components via online channels would all create significant growth potential in the market.

The global commercial aircraft aftermarket parts market faces various problems. High costs associated with aftermarket parts, particularly for complicated systems, provide a challenge for airlines and MRO facilities operating on tight budgets. Furthermore, the abundance of counterfeit parts on the market poses significant hazards to aircraft safety and reliability, emphasising the significance of strict quality control and regulatory monitoring. Furthermore, the complexity of handling large stocks of aftermarket parts compounds the difficulties. Airlines and MRO facilities must strike a delicate balance between ensuring the availability of the right parts and lowering inventory carrying costs. To address these issues, the commercial aviation aftermarket parts sector must employ innovative cost-cutting strategies, strong quality assurance procedures, and effective inventory management systems.

Impact of COVID-19 on Global Commercial Aircraft Aftermarket Parts Market
The COVID-19 pandemic had a substantial influence on the worldwide textile industry, with extensive repercussions due to transportation restrictions and supply chain interruptions. With China functioning as a key manufacturing base and supplier of textile materials globally, disruptions in its operations had a knock-on effect throughout the sector, particularly in Europe. This resulted in a substantial drop in trade values. In response, numerous big European firms moved production orders originally slated for China to other countries such as Turkey, Morocco, Portugal, and Spain. Italy, a European industrial printing powerhouse, suffered severe economic implications as a result of COVID-19 and subsequent lockdowns, aggravating financial issues for much of the region's textile printing business.

Commercial Aircraft Aftermarket Parts Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; A J Walter Aviation Limited, Aventure International Aviation Services, Bombardier Inc., Collins Aerospace (Raytheon Technologies Corporation), General Electric Company, GKN Aerospace (Melrose Industries), Honeywell International Inc., Meggitt PLC, Moog Inc., Parker-Hannifin Corporation, The Boeing Company, Others.

Global Commercial Aircraft Aftermarket Parts Market Segmentation:

By Aircraft Type: Based on the Aircraft Type, Global Commercial Aircraft Aftermarket Parts Market is segmented as; Narrow-body, Regional Jet, Wide-body.

By Component Type: Based on the Component Type, Global Commercial Aircraft Aftermarket Parts Market is segmented as; Airframe, Engine, Interior, Other Component Types.

By Parts: Based on the Parts, Global Commercial Aircraft Aftermarket Parts Market is segmented as; MRO Parts, Rotable Replacement Parts.

By Region: This research also includes data for Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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