Aircraft Refurbishing Market Soars with a 7.6% CAGR: $7.75 Billion Forecast by 2027 as Airlines Invest Heavily in Fleet Interiors
DUBLIN, Oct. 13, 2023 /PRNewswire/ -- The "Aircraft Refurbishing Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global aircraft refurbishing market is on the ascent, projected to grow from $5.53 billion in 2022 to $5.95 billion in 2023, showcasing a substantial compound annual growth rate (CAGR) of 7.6%. This growth momentum is expected to continue, with the aircraft refurbishing market forecasted to reach $7.75 billion in 2027, maintaining a CAGR of 6.8%.
Prominent players in the aircraft refurbishing market include Autotrade Aviation Pvt. Ltd., Diehl Stiftung & Co. KG, Duncan Aviation Inc, Gulfstream Aerospace Corporation, Hong Kong Aircraft Engineering Company Limited, Jamco America Inc, Jet Aviation Inc, MAC Aero Interiors, Rose Aircraft Services, Intech Aerospace, Greenpoint Technologies, Nextant Aerospace, Boeing, Bombardier, and Pemco Conversions.
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Aircraft refurbishing encompasses a range of processes, including examination, overhaul, replacement, and adjustments, aimed at replacing and maintaining an aircraft. Interior refurbishing involves modernizing, upgrading, and replacing interior components to enhance comfort, appearance, functionality, and resale value.
Key aircraft types targeted for refurbishing include very light aircraft, wide-body aircraft, narrow-body aircraft, large-body aircraft, and VIP aircraft. Services encompass retrofitting, in-flight entertainment and connectivity (IFEC), passenger seats, and both interior and exterior refurbishing. End-users include government agencies and commercial entities.
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A prominent trend in the aircraft refurbishing market is investments in refurbishing aircraft fleet interiors. Major companies are dedicating substantial investments to strengthen their market positions. For example, in August 2022, UAE-based airline Emirates invested $2 billion in refurbishing its aircraft fleet interiors, aiming to upgrade cabin interiors across all classes to enhance the inflight customer experience.
In February 2023, US-based airline company Flexjet acquired Constant Aviation, a move that expands Flexjet's aviation maintenance support infrastructure in business aviation. The acquisition allows Flexjet to build new facilities in Sanford, Florida, expanding its maintenance footprint in the region. Constant Aviation specializes in aviation maintenance, repair, and overhaul (MRO) services.
North America led the aircraft refurbishing market in 2022, with the Asia-Pacific region expected to be the fastest-growing segment in the forecast period. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, along with countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The surge in air passenger traffic is anticipated to drive the growth of the aircraft refurbishing market. Air passenger traffic encompasses the volume of air travelers, including domestic and international passengers of registered air carriers. The need for aerospace refurbishment arises to ensure aircraft's operational capability, safety, and passenger comfort, and this demand is expected to increase with rising air passenger traffic.
For instance, in 2021, Airport Council International (ACI) reported that 4.6 billion people traveled via airports worldwide, marking a 28.3% increase from the previous year, with 125 million metric tons of freight carried by air. This growth highlights the significance of the aircraft refurbishing market in catering to the needs of the aviation industry.
The aircraft refurbishing market includes revenues earned through engine, cabin interior, and airframe refurbishing services. The market value also incorporates the value of related goods offered by service providers. It focuses on goods and services traded between entities or sold to end consumers.
Key Topics Covered:
1. Executive Summary
2. Aircraft Refurbishing Market Characteristics
3. Aircraft Refurbishing Market Trends And Strategies
4. Aircraft Refurbishing Market - Macro Economic Scenario
4.1. COVID-19 Impact On Aircraft Refurbishing Market
4.2. Ukraine-Russia War Impact On Aircraft Refurbishing Market
4.3. Impact Of High Inflation On Aircraft Refurbishing Market
5. Aircraft Refurbishing Market Size And Growth
5.1. Global Aircraft Refurbishing Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Aircraft Refurbishing Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Aircraft Refurbishing Market Segmentation
6.1. Global Aircraft Refurbishing Market, Segmentation By Aircraft Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Very Light Aircraft
- Wide Body Aircraft
- Narrow Body Aircraft
- Large Body Aircraft
- VIP Aircraft
6.2. Global Aircraft Refurbishing Market, Segmentation By Fitting Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Retrofit
- IFEC (In-flight Entertainment And Connectivity)
- Passenger Seats
6.3. Global Aircraft Refurbishing Market, Segmentation By Refurbishing Service, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Interior
- Exterior
6.4. Global Aircraft Refurbishing Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Government
- Commercial
7. Aircraft Refurbishing Market Regional And Country Analysis
7.1. Global Aircraft Refurbishing Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Aircraft Refurbishing Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/ao51iq
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