Aircraft Refurbishing Market by Aircraft Type and Geography - Forecast and Analysis 2021-2025

  • Published: Jun 2021
  • Pages: 120
  • SKU: IRTNTR70679
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The aircraft refurbishing market has the potential to grow by USD 8.49 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 16.38%.

This aircraft refurbishing market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by aircraft type (narrow body, wide body, VIP aircraft, and passenger to freighter) and geography (North America, Europe, APAC, MEA, and South America). The aircraft refurbishing market report also offers information on several market vendors, including AAR Corp., Delta Air Lines Inc., General Electric Co., Honeywell International Inc., L3Harris Technologies Inc., Lockheed Martin Corp., Raytheon Technologies Corp., Rolls-Royce Plc, SIA Engineering Co., and Thales Group among others.

What will the Aircraft Refurbishing Market Size be in 2021?

Aircraft-Refurbishing-Market-Market-Size-2020-2025

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Aircraft Refurbishing Market: Key Drivers and Trends

The growing demand for premium economy class is notably driving the aircraft refurbishing market growth, although factors such as lack of pre-determined aircraft retirement age may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the aircraft refurbishing market industry get your FREE report sample now.

  • The growing demand for premium economy class is a key driver boosting the growth of the aircraft refurbishing market.
  • The premium economy concept for some airline operators is an upgrade of the economy class. This mainly involves providing a little extra comfort to passengers for a rather low investment compared with business class. 
  • With the growing disposable income, passenger preferences are changing, and passengers are shifting toward comfort luxury travel. As premium economy class bridges the gap between business and economy class, airline operators are considering it as a financial benefit.
  • The benefits of the premium economy class differ from airline company to company. Some operators provide free drinks and amenity kits, while others provide extra legroom with hi-tech gadgetry.
  • As controlling cost remains at the forefront of the strategies of airline carriers, the demand for refurbishing aircraft is increasing, which is propelling the growth of the aircraft refurbishing market.
  • Increasing demand for media and connectivity for a better travel experience is another key driver boosting the aircraft refurbishing market growth.
  • Aircraft carriers offer audio and video services to provide entertainment for air passengers. In addition, the increasing proliferation of mobile devices, such as smartphones and tablets, has prompted airlines to start offering in-flight network connectivity to passengers, providing them access to a wide spectrum of stored and streaming entertainment content and other connectivity services.
  • With the advancement in air travel technology, long-haul aircraft have reduced the need for stop-overs and have consequently increased flight durations. This has increased the demand for entertainment services in airline carriers.
  • As passengers are increasingly inclining toward airlines that offer in-flight entertainment and connectivity services, airline companies are getting their aircraft fitted with solutions that can offer seamless in-flight connectivity and entertainment without losing focus from cost control. This is fueling the growth of the global aircraft refurbishing market.

This aircraft refurbishing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Aircraft Refurbishing Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AAR Corp.
  • Delta Air Lines Inc.
  • General Electric Co.
  • Honeywell International Inc.
  • L3Harris Technologies Inc.
  • Lockheed Martin Corp.
  • Raytheon Technologies Corp.
  • Rolls-Royce Plc
  • SIA Engineering Co.
  • Thales Group

 

The aircraft refurbishing market is fragmented and the vendors are deploying growth strategies such as offering aftermarket service to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the aircraft refurbishing market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Aircraft Refurbishing Market?

Aircraft-Refurbishing-Market-Market-Share-by-Region-2020-2025

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33% of the market’s growth will originate from North America during the forecast period. The US is the key market for aircraft refurbishing in North America. Market growth in this region will be faster than the growth of the market in South America.

The robust aviation base will facilitate the aircraft refurbishing market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Aircraft Type Segments in the Aircraft Refurbishing Market?

Aircraft-Refurbishing-Market-Market-Share-by-Aircraft Type-2020-2025

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A narrow body aircraft, also called a single-aisle aircraft, has only one aisle in the cabin, with the passenger seating arrangement divided into two axial groups. The market growth in this segment is closely tied to the growth in demand for narrow body aircraft across the globe. With the need for fuel-efficient aircraft and the increasing popularity of no-frill services or low-cost carriers (LCC) in many emerging and developed economies, the demand for narrow body aircraft is significantly increasing.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the aircraft refurbishing market size.

 

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What are the Key Factors Covered in this Aircraft Refurbishing Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive aircraft refurbishing market growth during the next five years
  • Precise estimation of the aircraft refurbishing market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the aircraft refurbishing industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of aircraft refurbishing market vendors

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Aircraft Refurbishing Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 16%

Market growth 2021-2025

$ 8.49 billion

Market structure

Fragmented

YoY growth (%)

38.50

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 33%

Key consumer countries

US, China, France, Russian Federation, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

AAR Corp., Delta Air Lines Inc., General Electric Co., Honeywell International Inc., L3Harris Technologies Inc., Lockheed Martin Corp., Raytheon Technologies Corp., Rolls-Royce Plc, SIA Engineering Co., and Thales Group

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The global aircraft refurbishing market 2021-2025 market growth will increase by $8.49 billion during 2020-2025.
The global aircraft refurbishing market 2021-2025 market is expected to grow at a CAGR of 16.38% during 2020-2025.
Technavio has segmented the global aircraft refurbishing market 2021-2025 market by other1 (Narrow body, Wide body, VIP aircraft, and Passenger to freighter) and geographic (North America, Europe, APAC, MEA, and South America).
AAR Corp., Delta Air Lines Inc., General Electric Co., Honeywell International Inc., L3Harris Technologies Inc., Lockheed Martin Corp., Raytheon Technologies Corp., Rolls-Royce Plc, SIA Engineering Co., Thales Group are a few of the key vendors in the global aircraft refurbishing market 2021-2025 market.
North America will register the highest growth rate of 32.86% among the other regions. Therefore, the global aircraft refurbishing market 2021-2025 market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the global aircraft refurbishing market 2021-2025 market growth are:
  • Growing demand for premium economy class
The global aircraft refurbishing market 2021-2025 market vendors should focus on grabbing business opportunities from the narrow body segment as it accounted for the largest market share in the base year.
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