Aircraft Refurbishing Market Size 2023- Research by Growth Strategy, Growing CAGR of 7.45%, Trends, Revenue, Challenges and Future Competition 2032


Aircraft Refurbishing Market Size 2023- Research by Growth Strategy, Growing CAGR of 7.45%, Trends, Revenue, Challenges and Future Competition 2032: SPER Market Research

 Published: Feb-2023
 Author: SPER Analyst

Global Aircraft Refurbishing Market is projected to be worth USD 1.01 billion by 2032 progressing at a CAGR of 7.45%.

Modifying an aircraft's interior and exterior is referred to as "aircraft refurbishing." An aeroplane may need to be upgraded and renovated by having parts replaced, structural issues fixed, the avionics upgraded, and other things. Numerous interior parts are made of various lightweight materials, including plastic, board, form, cloth, and other composite materials, in order to reduce the gross weight of the aircraft. The firms that restore aeroplanes focus on providing cutting-edge, fuel-efficient, more durable, more affordable, and lighter-weight aircraft. Airlines are modernising and maintaining their present fleets of aircraft in order to offer customers comfort and convenience and include fuel-efficient components into their aircrafts. An increase in commercial aviation operations and increased demand from developing countries are two factors that are expected to support the growth of the global market for aircraft refurbishing. The rapid manufacturing and delivery of new aircraft, together with the high maintenance costs of refurbished aircraft, are expected to impede the growth of the global aircraft refurbishment market throughout the projected period. The market is expected to profit from rising air travel activities, aviation traffic, and desire for opulent aeroplane cabins in the near future.

The COVID-19 outbreak forced governments all over the world to impose stringent lockdown measures and restrict import-export of products used to make raw materials. Governments everywhere implemented strict lockdowns and required social seclusion in order to stop the COVID-19 virus from spreading. As a result, many companies launched work from home programmes as a precautionary measure. Global travel demand experienced a sharp decline as a result, which had an effect on the aviation industry. Outside of Asia, Omicron has less of an impact, therefore international air traffic is still rebounding. The increase in air travel since the epidemic has created a lot of opportunity for businesses that refurbish aircraft. It is predicted that plans for a reopening will provide the aircraft sector a boost, creating new growth opportunities for the market for aircraft refurbishing. Passenger traffic is currently rebounding gradually, and by 2023 it ought to reach pre-COVID levels. As demand for air travel returns to pre-COVID levels, airline route networks are being expanded and new carriers are establishing new domestic routes. These initiatives are meant to hasten market expansion.

Aircraft Refurbishing 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; AFI KLM E&M, B/E Aerospace, Diehl Shiftung & Co. KG, Gulfstream Aerospace Ltd., Hong Kong Aircraft Engineering Co. Ltd, Jamco America Inc., Jet Aviation AG, Lufthansa Technik, Nextant Aerospace, Raytheon Technologies, Rose Aircraft Services, Sabreliner Aviation LLC, Safran SA, SIA Engineering Co. Ltd, Timco Aviation Services, Zodiac Aerospace, Inc.

Global Aircraft Refurbishing Market Segmentation:

By Refurbishing Service: Based on the Refurbishing Service, Global Aircraft Refurbishing Market is segmented as; Interior, Exterior.

By Aircraft Type: Based on the Aircraft Type, Global Aircraft Refurbishing Market is segmented as; Very light aircraft, Wide body aircraft, Narrow body aircraft, Large body aircraft, VIP aircraft.

By Type: Based on the Type, Global Aircraft Refurbishing Market is segmented as; Passenger to freighter, Commercial Aircraft Cabin, VIP Cabin Refurbishing.

By End Use: Based on the End Use, Global Aircraft Refurbishing Market is segmented as; Government, Commercial.

By Region: Due to the existence of key market participants and the growing need to improve design to match client preferences, North America now leads the market and will continue to do so. On the other hand, Asia-Pacific will experience significant growth and have the greatest growth rate over the projected period because of the rise in domestic aircraft demand and the dominance of local companies. The nation portion of the aeroplane refurbishment market study additionally lists certain market-impacting elements and domestic market regulation changes that have an impact on the market's present and future trends. Consumption levels, manufacturing locations and volumes, import-export analysis, price trend analysis, cost of raw materials, and upstream and downstream value chain analyses are a few of the important data points utilised to evaluate the market scenario for particular nations. It also considers the presence and accessibility of foreign brands, the challenges they face as a result of strong or weak competition from domestic and local brands, and the impact of sales channels when providing forecast analysis of the country data.

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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