Aircraft Component MRO Market 2018 Global Key Players Analysis, Opportunities and Growth Forecast to 2023

Market Insights:

The global aircraft component market is projected to grow at a CAGR of 5.44% over the forecast period of 2015-2023, which was valued at USD 15,021.4 Million in 2016, reveals Market Research Future (MRFR) in a meticulously analyzed research report. The global market for aircraft component MRO is growing steadily on account of rapid fleet expansion across the globe coupled with increased focus on MRO services. The airline industry has made radical changes in the last few years, and the up-gauging of aircrafts and fleet expansion by airlines companies are faced by operational challenges which induce high demand for MRO services and augments the growth of the market. There has been an increase in expenditure on air travel purveyed by low and affordable airfares and an increase in income of the middle-class passengers.

Asia accounted for the largest share in global aircraft component MRO market in 2016. It is an emerging region in the long-haul international market and it relies heavily on the small and medium wide-body aircraft. As a result, a number of such airlines have been entering into service, recently such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia. In 2016, Asia-Pacific is home to major MRO service providers such as HAECO, GMF AeroAsia, and ST Aerospace, and is projected to witness the highest growth rate, during the forecast period. In 2016, North America was the second-largest region for the global aircraft component MRO market. A number of the major MRO service providers such as Airbus and Honeywell, are present in the region, resulting in a high market share of the region. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies of the region.

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Major Key Players

  • Delta TechOps (U.S.),
  • Lufthansa Technik AG (Germany),
  • Air France Industries KLM Engineering & Maintenance (France),
  • HAECO (Japan),
  • Honeywell International (U.S.),
  • ST Aerospace (Singapore),
  • AAR Corp. (U.S.),
  • Barnes Aerospace (U.S.),
  • FL Technics (Lithuania)
  • Turkish Technic, Inc. (Turkey)

Industry Updates

In September 2018, the Civil Aviation Administration of China (CAAC) announced its plan to establish a future MRO center at the airport. According to the CAAC, the MRO station will be the largest in the world and will be able to accommodate up to 12 aircrafts for which the constructions are underway.

In August 2018, Lufthansa Technik, a leading MRO provider signed time and materials contract with two Asian airlines – Asiana Airlines and Vietnam Airlines. Lufthansa will be providing technical support for auxiliary power units on their A350-900 fleets.

Based on application, commercial air transport accounted for the largest market share of 63.11% in 2016. Over the years, the aviation industry has been witnessing a steady growth, owing to the increased diversification among airlines, across the globe. Of late, the passenger traffic is expanding with resilience across the globe, despite a slight slowdown in the global economy. In recent years, the large aviation markets, such as the U.S., Europe, and Asia have witnessed increased expenses by passengers, due to the rising incomes of the expanding middle class population in these regions, which have resulted in the progress of the aviation industry. Moreover, global air travel has been made easier and convenient by the low cost carriers, whilst airlines are extending their services to various geographic locations. This results in an increased focus on the expansion of the aviation industry, around the world. As of 2016, there were over 23,000 airplanes in service, and the number is expected to double, over the next 20 years. To meet this growing demand of commercial aviation, it is important for the MRO service providers, across the globe, to ensure provision of efficient and high quality maintenance for airplane components.

Military aviation segment accounted for the second largest market share in 2016. With the expected deployment of the much anticipated F-35 Lightning II Joint Strike Fighter (JSF) plane, which has received a large number of orders from several countries, the MRO market for the JSF aircraft is expected to be relatively high. The U.S. DOD intends to have regional repair capabilities in Europe and the Pacific for all 774 components of the F-35 JSF. The plane is expected to replace the currently operating F-16 Fighting Falcon aircraft. As a result, until the introduction of the JSF planes, it is expected that the MRO market for the F-16 aircraft would be growing over time. Therefore, it is expected that the component MRO market for military aviation planes would grow at a CAGR of 3.30%, during the forecast period.

Segmentation

The global Aircraft Component MRO market has been segmented based on aircraft type, component, and application. By aircraft type, the market has been segmented into Narrow-body Aircraft, Wide-body Aircraft,  and Regional Transport Aircraft. By component, the market has been segmented into Fuselage, Empennage, Landing Gear, Wings, Engine and Others. By application, the market has been segmented into Commercial Air Transport, Business and General Aviation, and Military Aviation.

Regional Analysis

The global aircraft component MRO market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is the largest market for aircraft component MRO. Being an emerging region in the long-haul international market, Asia Pacific relies heavily on the small and medium wide-body aircraft as a result of which, a number of airlines have been entering into service. Moreover, the concentration of major players such as  HAECO, GMF AeroAsia, and ST Aerospace in Asia Pacific provides an impetus to the growth of the market.

North America and Europe are the major markets for aircraft component MRO. North America accounts for a high market share owing to the presence of major MRO service providers such as Airbus and Honeywell in the region. Moreover, it is anticipated that a considerable number of aircrafts, as high as 10,000 would be in service in the region by 2035, and would pose an opportunity for the North America market. Europe market is consolidated and is expected to maintain its position over the forecast period. Europe is home to Airbus, and all the MRO activities of the company are done by Europe-based companies such as Air France KLM and Lufthansa Technik which provides scope for market growth.

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