Aircraft Refurbishing Market Surging at 5.5% CAGR; Rising Demand for Modification of Aircraft Driving Growth: Future Market Insights Study
DUBAI, UAE, June 24, 2021 /PRNewswire/ -- The global aircraft refurbishing market revenue surpassed US$ 110 Bin in 2018.According to a study by Future Market Insights (FMI), the overall aircraft refurbishing market is expected to increase considerably by 2031, growing at a CAGR of 5.5% for 2021- 31. The rising demand for air travel due to low fuel prices will accelerate sales opportunities.
The market will gain from increasing investment from leading manufacturers such as Air France Industries KLM E&M, AAR, GKN, Hong Kong Aircraft Engineering Company, Ascent Aviation Services, JCB Aero, Jamco America Inc., SIA Engineering Company, Lufthansa Technik, and Singapore Technologies Engineering Ltd.
According to the Federal Aviation Administration (FAA), aircraft repairs have a significant impact on weight, balance, structural integrity, power plant operation, flight characteristics, and any other features that may affect airworthiness. Weight and power consumption are important factors that influence an aircraft's efficiency. Hence, increasing demand for these repairs will elevate demand in aircraft refurbishing market.
The COVID- 19 pandemic had a negative impact on the global aircraft refurbishing market. The implementation of lockdown has disrupted supply chain and manufacturing of products. Nonetheless recovery is on cards as countries roll out vaccination drive and gradually withdraw restrictions imposed on travel and transport.
"Rising airline passenger traffic is making airlines companies to go for frequent modification of aircraft. As a result, manufacturers are focusing on developing high-quality aircraft modifications that meet specific requirements," said an FMI analyst."
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Key takeaways:
- North America and APEJ will emerge as key markets for aircraft refurbishing, accounting for nearly half of the overall market share.
- Narrow body aircraft is expected to remain dominant over the forecast period owing to its increasing adoption by airline carriers, especially in the Asia Pacific countries such as China and India.
- Based on refurbishing type, the demand for commercial cabin refurbishing will increase at a high pace.
- Based on fitting, demand in the passenger seats segment will rise driven by increasing passenger air traffic.
Growth drivers:
- The demand for customizing and replacement of aircraft cabin interior components by major airline companies is driving market growth.
- Ongoing efforts of airline carriers, increasing competition, and lower cash outlays characterize the evolving nature of the refurbishment industry.
- VIP aircraft refurbishment is getting attention due to the rising demand for luxurious travel experience. As a result, the global aircraft refurbishment market will gain significant impetus.
Key restraints:
- High initial cost for aircraft refurbishing is restraining market growth.
- Need for continuous investment to maintain upgradation of aircrafts is impeding market growth.
Competitive landscape:
The key players are focusing on strategies such as sales contracts, strategic alliances, acquiring technical expertise, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilizations, and technological advancements to expand their market and increase market revenue. For instance,
- Triumph Group and Air France Industries KLM Engineering and Maintenance (AFI KLM E&M) collaborated to overhaul nacelles for next-generation aircraft at Triumph's Hot Springs, Arkansas repair facility.
- Jamco America Inc declared the launch of a new leather-wrapped Jamco Soft Divider, a soft eyebrow-type hanging divider. The divider comes with a simple and elegant design that enables maximum seat density and is designed for narrow-body single-aisle aircraft.
Some of the key market players in the aircraft refurbishing market are:
- Diehl Stiftung & Co. KG
- SIA Engineering Co Ltd
- Hong Kong Aircraft Engineering Company Limited
- United Technology Corporation.
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More Insights on the Aircraft Refurbishing Market
Future Market Insights, in its new offering, provides an unbiased analysis of the aircraft refurbishing market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the aircraft refurbishing market with a detailed segmentation on the basis of following criteria:
Based on the aircraft type
- large body aircraft
- wide body aircraft
- narrow body aircraft
Based on the refurbishing type
- VIP cabin refurbishing
- commercial cabin refurbishing
Based on the fitting type
- retrofit
- IFEC and lighting
- passenger seats
Key Questions Covered in the Report
- How will the aircraft refurbishing market expand through 2031?
- Which top manufacturing companies are leading the global aircraft refurbishing market?
- What are the key drivers and trends that will stimulate the aircraft refurbishing sales?
- What are the challenges that will affect the sales of aircraft refurbishing market?
- Which region will remain the most lucrative throughout the forecast period?
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