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The commercial aircraft aftermarket parts market size is forecast to increase by USD 12.11 billion, at a CAGR of 5.82% between 2023 and 2028. The growth rate of the market depends on several factors, such as the preference for collaborative efforts in the aerospace industry, the growing preference for high-density seating configuration, and the increasing popularity of recycled aircraft parts. Our report examines historical data from 2018 - 2022, besides analyzing the current and forecasts market scenario.
The expansion of the market in Europe is driven by an increasing number of orders for next-generation aircraft, leading to a simultaneous rise in demand for advanced components in the commercial aviation sector. A J Walter Aviation Ltd provides aftermarket parts for commercial aircraft, including landing gear, auxiliary power units (APUs), and inlet cowls. AAR Corp offers a range of commercial aircraft aftermarket parts, such as airframe rotables, landing gears, APUs, quick engine change (QEC) kits, and line-replaceable units (LRUs).
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Stringent regulatory norms have hindered the entry of new vendors considerably in the aerospace manufacturing sector. However, several new entrants have been allowed due to several factors, including prolonged development phases of aircraft and the requirement for partners who have proven expertise in particular fields. In addition, with the changing dynamics of the contemporary aerospace industry and the requirement to maintain good parity between evolving demand and supply, many new companies are anticipated to enter the market.
Moreover, OEMs are anticipated to encourage newcomers to invest in the market while representing their key areas of interest. In addition, collaborations are becoming common, especially among seat manufacturers and lighting system manufacturers. Furthermore, collaborations support the companies in expanding their market base and tapping into new emerging markets. In addition, the sharing of technical expertise also allows for faster product development. Hence, such factors are driving the market growth during the forecast period.
The global market is witnessing a notable trend toward sustainability driven by rising environmental concerns within the aviation industry. In addition, airlines are placing a growing emphasis on reducing their carbon footprint and adopting eco-friendly practices throughout their operations, such as maintenance and repair activities. Furthermore, this emphasis on sustainability extends to the global market, where there is a rising demand for components and solutions that contribute to environmental conservation.
Moreover, suppliers in the aftermarket parts industry are responding to this demand by developing and offering eco-friendly alternatives such as lightweight materials, energy-efficient systems, and components designed to minimize fuel consumption and emissions. In addition, there is a push towards implementing green MRO practices, including the use of environmentally friendly cleaning solutions, waste recycling programs, and energy-efficient facilities. Hence, such factors are driving the market growth during the forecast period.
The global market is rising in parallel with the commercial aviation market. However, limited capacity areas, specifically in the case of engine overhauls, are creating a hindrance, which has resulted in a supply-demand gap. Furthermore, this is highly applicable to the most popular global fleets of Boeing 737 families.
Moreover, the commercial aviation industry is facing another issue of increasing turn-around times for engine shop visits. In addition, this is mainly due to the scarcity of certain narrow-body aircraft engine materials, which has become a real risk to the growth of the engine aftermarket. Furthermore, the shortage of airframe and powerplant mechanics and avionics technicians is caused by a combination of low employment, retirement, and competition in airlines and other industries. Hence, such factors are hindering the market growth during the forecast period.
The narrow-body segment is estimated to witness significant growth during the forecast period. The narrow-body segment in the global market comprises various types of aircraft, such as popular models like the Airbus and Boeing 737 families. In addition, these aircraft serve as workhorses for airlines worldwide, operating short to medium-haul routes with high frequency. Furthermore, aftermarket parts for narrow-body aircraft cater to a broad spectrum of components, ranging from avionics and engines to airframes, landing gear, cabin interiors, and auxiliary systems.
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The narrow-body segment was the largest segment and was valued at USD 18.39 billion in 2018. Moreover, several renowned companies offer aftermarket parts globally for narrow-body aircraft, ensuring a steady supply of high-quality components to airline operators. In addition, some prominent players include UTC Aerospace Systems (a subsidiary of RTX Corp.), which is known for its wide range of aircraft systems and components. In addition, the demand for aftermarket parts for narrow-body aircraft is driven by several factors, including the increasing penetration of low-cost carriers, rising air travel demand for short-haul routes, and fleet expansion strategies adopted by airlines. Furthermore, the aging narrow-body fleet necessitates regular maintenance, repair, and overhaul activities, further driving aftermarket parts demand. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the application, the market has been segmented into MRO parts and rotatable scrap replacement parts. The MRO parts segment will account for the largest share of this segment. In the global market, maintenance, repair, and overhaul (MRO) parts are crucial components ensuring the continued airworthiness and operational efficiency of commercial aircraft. In addition, these MRO parts serve various applications across the aircraft, addressing specific maintenance needs and ensuring compliance with regulatory standards such as the FAA, Civil Aviation Authority (CAA), and EASA, ensuring implementation and compliance with regulations that mandate inspections at regular intervals. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 35% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
Another region offering significant growth opportunities to vendors is Europe. In Europe, the number of air travel passengers is increasing every year, and in order to cater to the growing demand, airlines are investing in newer-generation aircraft to offer enhanced services and maintain lower operational costs. In addition, Europe has a mature aerospace industry with robust technological and production capabilities. Moreover, a few countries, such as the UK, France, Germany, Italy, Sweden, Spain, and Poland, dominate the European aviation industry due to their technical know-how, R&D investments, and partnerships with foreign companies that are emerging as vital suppliers of aircraft components and parts. Furthermore, the new components work efficiently and comply with environmental regulations related to carbon emissions. Hence, such factors are driving the market growth in Europe during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bombardier Inc: The company offers commercial aircraft aftermarket parts such as windshields and landing gears, among others.
We also have detailed analyses of the market’s competitive landscape and offer information on 10 market companies, including:
Eaton Corp. Plc, General Electric Co., Honeywell International Inc., Parker Hannifin Corp., RTX Corp., and The Boeing Co.
Technavio market forecast is an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028.
The commercial aircraft aftermarket parts market is intricately tied to the operational efficiency and cost-effectiveness of the aviation industry. Operating costs play a pivotal role in the decision-making process for carriers, prompting a focus on cost-saving measures such as the use of rotatable and used serviceable material (USM) parts. Companies holding Parts Manufacturer Approval (PMA) contribute significantly to the market by providing alternative solutions. Unified Management System (USM) providers streamline inventory management for optimal maintenance, repair, and overhaul (MRO) services, ensuring the seamless operation of the commercial aircraft fleet.
Market prospects are influenced by the strategies of Original Equipment Manufacturers (OEMs), particularly in the context of widebody aircraft. Low-cost carriers (LCCs) adopting the seat mile efficiency model prioritize wear-and-tear considerations for effective maintenance on domestic routes. As the industry evolves, the market remains a critical component in sustaining a reliable and cost-effective aviation ecosystem.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.82% |
Market Growth 2024-2028 |
USD 12.11 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
5.48 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, Singapore, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A J Walter Aviation Ltd., AAR Corp., Bombardier Inc., Eaton Corp. Plc, General Electric Co., Honeywell International Inc., Parker Hannifin Corp., RTX Corp., and The Boeing Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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