Colombia Commercial Aircraft MRO Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Colombia Commercial Aircraft MRO Market Analysis
The Colombian commercial aircraft MRO market is projected to grow with a CAGR of over 3% during the forecast period.
The Colombian aviation sector witnessed reduced air traffic due to the COVID-19 pandemic. In March 2020, after the arrival of the COVID-19 pandemic in full force in Latin America, it led to travel restrictions across Colombia. The country witnessed a significant drop in air traffic due to the shutdown of airport and airline operations from April 2020 to August 2020. After international and domestic flight resumption, air traffic immediately recovered from September 2020.
An increase in demand for new aircraft due to rising air traffic, modernization, and aging aircraft fleet upgrades are driving the market growth. In May 2021, international air passenger traffic to and from Colombia reached approximately 543 thousand travelers. Furthermore, the Colombian civil aviation authorities projected that the number of air passengers traveling to and from Colombia would close to 46 million by the end of 2022. The country will show growth of nearly 12% compared to 2019, when the country reached 41.13 million travelers.
Thus, an increase in the number of air passengers leads to a rise in demand for new aircraft, which drives market growth across Colombia. According to the Latin American and Caribbean Air Transport Association (ALTA), Colombia witnessed a growth of 9% in international passengers till July 2022 and a 22% growth in the domestic sector compared to 2019. Thus, increased spending on the procurement of new aircraft and modernization of aging aircraft fleets will likely drive market growth during the forecast period.
Colombia Commercial Aircraft MRO Market Trends
This section covers the major market trends shaping the Colombia Commercial Aircraft MRO Market according to our research experts:
Growing Air Traffic Across Colombia Propels the Market Growth
Colombia's aviation sector has witnessed a significant increase in air passengers. Rising demand for new regional jets and growing air traffic to and from the country drive market growth. Colombia is the third largest aviation market in Latin America, with 16 international airports and 26 airlines connecting the country with 28 countries. In 2022, Ultra Air became the new Colombian airline. It transported more than 900,000 passengers by November 2022. It currently operates with 6 Airbus A320ceo on fifteen domestic routes and plans to launch its first international routes by 2023.
Furthermore, JetSMART is planning to launch domestic flights in Colombia. The company plans to have 12 Airbus A320neo, which will be incorporated over three years. These aircraft will be based at El Dorado International Airport (BOG), Bogota. Furthermore, Viva Air, the Colombian low-cost carrier, plans to expand its aircraft fleet in the next few years. It plans to add 28 more Airbus aircraft to its existing fleet and reach 50 units by 2025. Thus, growing investment in new planes and increased domestic flights from airlines boost the market growth.
Narrow-Body Aircraft Segment is Estimated to Show Remarkable Growth During the Forecast Period
The narrow-body aircraft segment will showcase remarkable growth during the forecast period. The increase is attributed to sizeable narrow-body aircraft fleets in airlines such as Avianca S.A., LATAM Airlines Group, Viva Air, and others driving the market growth. Growing spending on aircraft modernization and increasing MRO contracts from Colombian airlines boost the market growth. For instance, in April 2022, Safran Nacelles signed a 10-year service contract with Viva Air Colombia for the nacelles for the airline's growing fleet of A320neo aircraft powered by CFM International LEAP-1A engines.
Also, Viva Air, a low-cost carrier in Colombia, signed a contract with the IFS, a cloud enterprise applications company for MRO software. Under the contract, the IFS's MRO and fleet planning software will support Viva Air's maintenance planning and execution across its fleet of aircraft. The airline operates 21 Airbus A320-200 and A320neo aircraft. Thus, increasing narrow-body aircraft modernization programs and MRO contracts will drive market growth during the forecast period.
Colombia Commercial Aircraft MRO Industry Overview
The market of Colombia commercial aircraft MRO is consolidated in nature and is characterized by a few players who provide MRO services to Colombian airlines. Some prominent players in the market are Safran SA, SGS Colombia S.A.S, ACC Columbia Jet Service GmbH, Avianca Group, and others. With the growing competition in the market, the key players focused on introducing advanced technologies in maintenance that will improve overall aircraft performance and safety. The original equipment manufacturers also focus on enhancing the efficiency of their MRO operations by adopting emerging technologies, like AI and predictive analytics, which will help their revenue growth during the forecast period.
Colombia Commercial Aircraft MRO Market Leaders
Safran SA
SGS Colombia S.A.S
ACC Columbia Jet Service GmbH
Avianca Group
*Disclaimer: Major Players sorted in no particular order
Colombia Commercial Aircraft MRO Market News
- November 2022: Safran Nacelles signed a four-year agreement with Avianca for the support of the nacelles of the airline's Airbus A320neo powered by CFM International LEAP-1A turbofan engines. Under the agreement, the airline will get OEM-guaranteed MRO solutions at the Safran Nacelles repair station.
- April 2022: Ultra Air, a new Colombian airline, selected Airbus' flight hours services (FHS) for its A320 aircraft fleet. Airbus will provide parts pooling, on-site stock at the airline's main base in Medellin, engineering services, and components maintenance.
Colombia Commercial Aircraft MRO Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters Five Force's Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Aircraft Type
5.1.1 Wide-Body
5.1.2 Narrow-Body
5.1.3 Regional Jets
5.2 By MRO Type
5.2.1 Airframe
5.2.2 Engine
5.2.3 Component
5.2.4 Line
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 ACC Columbia Jet Service GmbH
6.2.2 Aeroman (An MRO Holdings Company)
6.2.3 Avianca Cargo
6.2.4 Central Aerospace
6.2.5 Henkel Colombiana S.A.S.
6.2.6 Indaer Aviation Technical Services S.A.S
6.2.7 Nediar InnLab
6.2.8 SGS (Société Générale de Surveillance SA)
6.2.9 Safran SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Colombia Commercial Aircraft MRO Industry Segmentation
Aircraft maintenance, repair, and overhaul (MRO) refer to the overhaul, inspection, repair, or modification of an aircraft or its components. The scope of the study is limited to MRO services in commercial aircraft, and it does not encompass military and general aviation aircraft.
The Colombian commercial aircraft MRO market is segmented into aircraft type and MRO type. By aircraft type, the market is segmented into wide-body, narrow-body, and regional jet. By MRO type, the market is segmented into the airframe, engine, component, and line. The market sizing and forecasts have been provided in value (USD million).
| By Aircraft Type | |
| Wide-Body | |
| Narrow-Body | |
| Regional Jets |
| By MRO Type | |
| Airframe | |
| Engine | |
| Component | |
| Line |
Colombia Commercial Aircraft MRO Market Research FAQs
What is the current Colombia Commercial Aircraft MRO Market size?
The Colombia Commercial Aircraft MRO Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Colombia Commercial Aircraft MRO Market?
Safran SA, SGS Colombia S.A.S, ACC Columbia Jet Service GmbH and Avianca Group are the major companies operating in the Colombia Commercial Aircraft MRO Market.
What years does this Colombia Commercial Aircraft MRO Market cover?
The report covers the Colombia Commercial Aircraft MRO Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Colombia Commercial Aircraft MRO Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Colombia Commercial Aircraft MRO Industry Report
Statistics for the 2024 Colombia Commercial Aircraft MRO market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Colombia Commercial Aircraft MRO analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
