Commercial Aircraft Aftermarket Parts Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Commercial Aircraft Aftermarket Parts Market Analysis
The commercial aircraft aftermarket parts market is expected to witness a CAGR of over 4% during the forecast period.
- Due to the COVID-19 pandemic, several airlines were forced to retire their aircraft earlier to reduce operating costs. This allowed a higher availability of rotatable and used serviceable material (USM) parts in the inventory, which re-entered the market supply chain through parts manufacturer approval (PMA) holders and unified-management -system USM providers.
- The growth in the commercial aircraft fleet and the need for timely maintenance, repair, and overhaul (MRO) services to maintain the airworthiness of the aircraft and ensure optimum performance is expected to bolster the market prospects during the forecast period. The competition in the market is also expected to grow as the OEMs are actively participating in the market and have the advantage of maintaining an inventory of parts by buying back retired aircraft from airlines and using those as the source of parts for other active aircraft.
- For instance, the Boeing Company entered the USM market in 2019 to offer its customers parts at lower prices while maintaining a constant supply chain for aircraft manufactured by Boeing and its rival Airbus.
Commercial Aircraft Aftermarket Parts Market Trends
Narrow-body Segment Expected to Witness the Highest CAGR During the Forecast Period
- Currently, narrow-body aircraft comprise over 60% of the total global commercial aircraft fleet. A narrow-body aircraft offers better range capability and seat mile efficiency as compared to wide-body aircraft. The growth in the LCC business model further fuelled the growth of the narrow-body aircraft fleet over the years. As airlines seek to increase their connectivity and market presence, new routes are being introduced.
- Consequently, with a larger fleet and increased aircraft movements, the increased wear and tear of aircraft parts are expected to boost the demand for the narrow-body aftermarket parts market during the forecast period.
- Further, the COVID-19 pandemic triggered a widespread realignment of active fleets by the airlines in line with the demand, resulting in an increase in demand for narrow-body aircraft on domestic routes and subsequently driving the demand for narrow-body aircraft aftermarket parts during the forecast period.
Asia-Pacific Held the Largest Regional Market Share
- Asia-Pacific has dominated market share and is also anticipated to witness the highest regional growth in the commercial aircraft aftermarket parts market. The increase in air travel in countries like India, China, Vietnam, Indonesia, Japan, and Taiwan, resulted in the airlines in the region undertaking fleet expansion programs to cater to the growth in demand over the last two decades.
- There were around 8,000 commercial aircraft in service in the region by the end of 2022, representing about 31 percent of the global commercial aircraft fleet. Meanwhile, the average aircraft fleet age of the region is also expected to grow from about eight years in 2020 to about nine years by the end of the forecast period. Simultaneously, the demand for aftermarket parts is expected to increase in the region as more aircraft undergo maintenance and part replacements.
- With the growing demand for aftermarket parts from Asia-Pacific, several major players in the market have increased their collaborations with Asia-Pacific customers in the recent past. Since 2018, the Boeing Company has signed several aircraft parts supply chain agreements in the region with customers, including Evergreen Aviation Technologies Corp. (EGAT), MRO HAECO, Xiamen Airlines, and KAEMS, among others. Such agreements and contracts are expected to generate demand for spare parts and drive the commercial aircraft aftermarket parts market in the region during the forecast period.
Commercial Aircraft Aftermarket Parts Industry Overview
The commercial aircraft aftermarket parts market is fragmented due to the presence of many players who provide various types of parts and components. Some of the prominent players in the commercial aircraft aftermarket parts market are The Boeing Company, Moog Inc., Collins Aerospace (Raytheon Technologies Corporation), Honeywell International Inc., and General Electric Company. The consolidation of the market through the acquisition of local suppliers and manufacturers of parts and components by leading OEM suppliers is expected to increase the competitive rivalry. Additionally, focusing on the expansion of their businesses through innovative initiatives, increased investments, R&D, and the introduction of customized packages to cater to the growing needs of customers is expected to help the active players gain market share during the forecast period.
Commercial Aircraft Aftermarket Parts Market Leaders
The Boeing Company
Honeywell International Inc.
General Electric Company
Collins Aerospace (Raytheon Technologies Corporation)
Moog Inc.
*Disclaimer: Major Players sorted in no particular order
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Commercial Aircraft Aftermarket Parts Market News
- May 2022: Boeing and Airline MRO Parts (AMP) signed a Tailored Parts Package (TPP) agreement that makes Boeing a supplier for AMP's parts business and identifies the former as a Platinum Supplier.
- February 2022: Chilean low-cost operator SKY signed an agreement with Airbus to obtain FHS-Components Flight Hour Services for its A320 fleet. The agreement, part of the Airbus Flight Hour Services offering, will allow SKY to obtain the daily management and servicing of the airline's components from the manufacturer.
Commercial Aircraft Aftermarket Parts Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 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 Forces 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 Aircraft Type
5.1.1 Narrow-body
5.1.2 Wide-body
5.1.3 Regional Jet
5.2 Component Type
5.2.1 Airframe
5.2.2 Engine
5.2.3 Interior
5.2.4 Other Component Types
5.3 Parts
5.3.1 MRO Parts
5.3.2 Rotable Replacement Parts
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 France
5.4.2.3 Germany
5.4.2.4 Russia
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Latin America
5.4.4.1 Brazil
5.4.4.2 Mexico
5.4.4.3 Rest of Latin America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 United Arab Emirates
5.4.5.3 Egypt
5.4.5.4 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Aventure International Aviation Services
6.2.2 Honeywell International Inc.
6.2.3 Collins Aerospace (Raytheon Technologies Corporation)
6.2.4 Meggitt PLC
6.2.5 Parker-Hannifin Corporation
6.2.6 General Electric Company
6.2.7 Moog Inc.
6.2.8 GKN Aerospace (Melrose Industries)
6.2.9 A J Walter Aviation Limited
6.2.10 Bombardier Inc.
6.2.11 The Boeing Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Commercial Aircraft Aftermarket Parts Industry Segmentation
Commercial aircraft aftermarket parts are referred to as the manufacturing, remanufacturing, distribution, retailing, and installation of all the replacement parts, equipment, and accessories of a commercial aircraft. However, these parts may or may not be manufactured by the original equipment manufacturer (OEM) and may be broadly categorized into replacement parts (performance-oriented) and accessories (customization oriented).
The commercial aircraft aftermarket parts market is segmented by aircraft type, component type, parts, and geography. By aircraft type, the market is segmented into narrow-body, wide-body, and regional jet. By component type, the market is segmented into the airframe, engine, interior, and other component types. By parts, the market is segmented into MRO parts and rotatable replacement parts. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa.
The report offers market size and forecast in terms of value (USD billion) for all the above segments.
| Aircraft Type | |
| Narrow-body | |
| Wide-body | |
| Regional Jet |
| Component Type | |
| Airframe | |
| Engine | |
| Interior | |
| Other Component Types |
| Parts | |
| MRO Parts | |
| Rotable Replacement Parts |
| Geography | |||||||
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Commercial Aircraft Aftermarket Parts Market Research FAQs
What is the current Commercial Aircraft Aftermarket Parts Market size?
The Commercial Aircraft Aftermarket Parts Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Commercial Aircraft Aftermarket Parts Market?
The Boeing Company, Honeywell International Inc., General Electric Company, Collins Aerospace (Raytheon Technologies Corporation) and Moog Inc. are the major companies operating in the Commercial Aircraft Aftermarket Parts Market.
Which is the fastest growing region in Commercial Aircraft Aftermarket Parts Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Aircraft Aftermarket Parts Market?
In 2024, the Asia-Pacific accounts for the largest market share in Commercial Aircraft Aftermarket Parts Market.
What years does this Commercial Aircraft Aftermarket Parts Market cover?
The report covers the Commercial Aircraft Aftermarket Parts Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Aircraft Aftermarket Parts Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Commercial Aviation After Parts Industry Report
Statistics for the 2024 Commercial Aviation After Parts market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Commercial Aviation After Parts analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
