Market Size of Colombia Commercial Aircraft MRO Industry
| 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.
