Aircraft Refurbishing Market Value to Surpass US$ 7.4 Bn as Demand for Retrofitting Increases by 5.7% CAGR: FMI

DUBAI, UAE, Dec. 15, 2021 /PRNewswire/ -- As per FMI, the global aircraft refurbishing market is projected to top US$ 4.2 Bn in 2021. Growing emphasis on the expansion of the aviation industry across China, India, and the U.S., following the outbreak of COVID-19 is facilitating the growth in the market.

Rising air passenger traffic is being experience, owing to the surging demand for fast-paced travel amongst the millennial population. On account of this, the aircraft refurbishing market is expected to surpass US$ 7.4 Bn by the end of 2031.

For instance, according to a report by the International Air Transport Association (IATA), approximately 4.9 billion air travel passengers were reported in 2019 across the world. Hence, increasing focusing on providing better comfort and luxury to the passengers during air travel, is creating lucrative growth opportunities in the market.

Numerous airline companies are actively investing in interiors of their aircrafts by installing advanced in-flight entertainment systems, comfortable seating, and LED lightings, to enhance the passenger experience.

In addition to this, growing demand for VIP cabin refurbishing due to rising air traffic in first class is anticipated to accelerate the sales of aircraft refurbishing market. As per Future Market Insights, the market is projected to expand at 5.8% CAGR over the forecast period 2021-2031.

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On the basis of fitting type, the retrofitting segment is projected to exhibit the fastest growth in the market, expanding at 5.7% CAGR through 2031. Increasing installation of avionics systems, technologically advanced connectivity solutions, and new cabins to increase the safety and comfort in aircraft is driving the growth in the segment.

"Increasing demand for air transport maintenance, repair, and overhaul (MRO) services and upsurge in the trend of the passenger to freighter aircraft conversions is creating high growth prospects in the market," says a FMI analyst.

Key Takeaways from Aircraft Refurbishing Market Study

• The U.S. is forecast to dominate the market in North America, accounting for nearly 90% of the sales in the region by 2021.
• China aircraft refurbishing market is estimated to total US$ 6.5 Bn through 2031, projecting sales at 7.1% CAGR over the assessment period.
• South Korea and Japan are expected to collectively hold a significant revenue share in the market, accounting for around 7.3% in 2021.
• In terms of aircraft type, narrow body aircraft is anticipated to emerge as the most lucrative segment, accounting for more than 50% of the demand share through 2021.
• Based on refurbishing type, the commercial cabin segment is projected to hold the lion's in the market, accounting for over 80% of the sales in 2021. 

Key Drivers

• Increasing demand for customized luxury jets and narrow body aircrafts across the U.S., China, Germany, Japan, and India is propelling the demand for aircraft refurbishing across the VIP cabin segment.
• Growing production of narrow body aircrafts for long-haul flights by commercial airlines, owing to the increasing air passenger traffic is expected to drive the sales across the narrow body segment.

Key Restraints

• Implementation of stringent aircraft standards for noise and air pollution and to ensure passenger safety are encouraging airlines to retire old aircrafts rather than refurbish them which is in turn, hampering the growth in the market.
• Increasing focusing on upgrading economy class interiors to improve passenger comfort at rather low investment in comparison with VIP refurbishing in expected to hinder the sales in VIP cabin segment.

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Competitive Landscape

As per FMI key players in the global aircraft refurbishing market include Safran SA, Raytheon Technologies, Gulfstream Aerospace Ltd., Lufthansa Technik AG, AFI KLM E&M. These companies are estimated to cumulatively account for around 89.8% of the total revenue share in 2021.

Leading players are intensively investing to developing advanced technological innovations for aircraft interior components to gain competitive edge. Also, some of the companies are also focusing in entering into strategic partnerships, agreements, and collaborations with other industry players to strengthen their footprint. For instance,

• In September 2021, JAMCO, a Japanese aircraft engines and engine parts company, announced partnering with a U.S.-based software company, Object Theory, to develop a new augmented reality (AR) tool for efficient maintenance services. This will assist the company to provide timely service and ensure maximum operational efficiency of the aircraft.
• In July 2021, Diehl Shiftung, German technology enterprise announced entering in a strategic partnership with an American aircraft interior and cabin product manufacturer, HAECO Cabin Solutions to upgrade solutions for commercial aircraft cabins. The partnership will assist the company to increasing their market share across aircraft MRO sector.

Some of the key players operating in the market profiled by FMI are:

• Diehl Shiftung & Co. KG
• Gulfstream Aerospace Ltd.
• Jamco America Inc.
• Hong Kong Aircraft Engineering Co. Ltd.
• Jet Aviation AG
• Lufthansa Technik AG
• Sabreliner Aviation LLC
• Raytheon Technologies
• SIA Engineering Co. Ltd
• Rose Aircraft Services
• Safran SA
• Nextant Aerospace
• AFI KLM E&M

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More Valuable Insights on Aircraft Refurbishing Market

The latest report by FMI provides a detailed analysis of the global aircraft refurbishing market, providing vital insights into key factor driving the market through 2021 and beyond. The study also disclosed sales projections on in aircraft refurbishing market with detailed segmentation:

By Fitting Type:

• Retrofit
• IFES & Lighting
• Passenger Seats

By Aircraft Type:

• Large Body Aircraft
• Wide Body Aircraft
• Narrow Body Aircraft

By Refurbishing Type:

• VIP Cabin Refurbishing
• Commercial Cabin Refurbishing

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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Key Questions Covered in the Report

• The report offers insight into aircraft refurbishing market demand outlook for the forecast period 2021-2031
• The market study also highlights projected sales growth for aircraft refurbishing market between 2021 and 2031
• Aircraft refurbishing market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 
• Aircraft refurbishing market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others 

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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SOURCE Future Market Insights