Commercial Aircraft Aftermarket Parts Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Commercial Aircraft Aftermarket Parts Market is segmented by Aircraft Type (Narrow-body, Wide-body, and Regional), Component Type (Airframe, Engine, Interior, and Other Component Types), Parts (MRO Parts and Rotable Replacement Parts), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The report offers market size and forecasts for all the above segments in value (USD billion).

Market Snapshot

Commercial Aircraft Aftermarket Parts Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %

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Market Overview

The Commercial Aircraft Aftermarket Parts Market is projected to grow with a CAGR of over 4% during the forecast period (2021-2026).

Due to the COVID-19 pandemic, several airlines have been forced to retire their aircraft earlier to reduce operating costs. This has allowed a higher availability of rotable and USM parts into the inventory, which have re-entered the market supply chain through PMA holders and USM providers.

The growth in the commercial aircraft fleet and the need for timely maintenance, repair, and overhaul (MRO) services to keep these aircraft fleet fuel-efficient and reduce aircraft emissions are expected to bolster the market prospects during the forecast period.

Competition in the market is increasing, with OEMs also entering the market and maintaining an inventory of parts by buying back retired aircraft from airlines and using those aircraft as the source of parts for other active aircraft. Boeing jumped into the USM market in April 2019 to offer its customers parts at cheaper prices while maintaining a constant supply chain for aircraft that are manufactured by Boeing and its rival Airbus.

Scope of the Report

The Commercial Aircraft Aftermarket Parts Market encompasses the market for both new and used rotable parts available as spares for aircraft parts and components. 

The commercial aircraft aftermarket parts market is segmented by Aircraft Type into Narrow-body, Wide-body, and Regional Aircraft segments. By Component Type, the market is segmented into Airframe, Engine, Interior, and Other Component Types. By Parts, the market is segmented into MRO Parts and Rotable Replacement Parts. The other component types include parts and components used in the cockpit, landing gear systems, fuel systems, electrical systems, oxygen systems, and hydraulic systems. The report also offers the market size and forecasts of major countries across regions. For each segment, the market sizes and forecasts are done based on value (USD billion).

Aircraft Type
Narrow-body
Wide-body
Regional
Component Type
Airframe
Engine
Interior
Other Component Types
Parts
MRO Parts
Rotable Replacement Parts
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Market Trends

The Narrow-body Segment is Expected to Witness the Highest CAGR During the Forecast Period

Narrow-body or single-aisle aircraft are the most widely used aircraft by global airlines. Narrow-body aircraft is expected to become more popular among airlines during the forecast period. Over the years, the percentage of narrow-body aircraft in the total global commercial aircraft fleet has increased, due to the advantages offered by the aircraft. Narrow-body aircraft comprise about 60% of the total global commercial aircraft fleet currently, while the share is expected to increase to 62% by the end of the forecast period. Narrow-body aircraft offer better range capability and seat mile efficiency as compared to wide-body aircraft. The growth in the LCC business model has further fuelled the growth of the narrow-body aircraft fleet over the years. As the airlines seek to increase their connectivity and market presence, new routes are being introduced. Consequently, with a larger fleet and higher aircraft movements, the increasing wear and tear of the aircraft parts are increasing the demand for the narrow-body aftermarket parts market during the forecast period. Further, due to the advent of the COVID-19 pandemic, as more airlines align fleets to the demand realities of the COVID-19 era, the demand for narrow-body aircraft on domestic routes is expected to grow, which would further increase the narrow-body aircraft fleet, thereby increasing the demand for narrow-body aircraft aftermarket parts during the forecast period.

Commercial Aircraft Aftermarket Parts Market Key Trends

The Asia-Pacific Region Held the Largest Market Share in 2020

The Asia-Pacific region currently has the highest market share in the commercial aircraft aftermarket parts market. The region is also anticipated to have the highest growth rate during the forecast period. The growth in air travel in countries, like India, China, Vietnam, Indonesia, Japan, and Taiwan, has resulted in the airlines in the region increasing their fleet sizes to cater to the growth in demand in the last two decades. There are approximately 8,000 commercial aircraft in service in the region by the end of 2020, representing about one-third of the global commercial aircraft fleet. In the last decade, the aircraft fleet share of the region to the global fleet grew by nearly 10%. On the other hand, the average aircraft fleet age of the region is also expected to grow from about 8 years in 2020 to about 9 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. In the last two years, Boeing has signed up several aircraft parts supply chain agreements in the region, with customers including Evergreen Aviation Technologies Corp. (EGAT), MRO HAECO, Xiamen Airlines, KAEMS, among others. Such agreements and contracts are expected to generate demand for spare parts, thereby driving the commercial aircraft aftermarket parts market in the region during the forecast period.

Commercial Aircraft Aftermarket Parts Market Share

Competitive Landscape

The commercial aircraft aftermarket parts market is fragmented due to the presence of many players who provide various types of parts and components. Some prominent players in the commercial aircraft aftermarket parts market include Boeing Company, Bombardier Inc., Collins Aerospace (Raytheon Technologies Corporation), Honeywell International Inc., and General Electric Company. The consolidation of the market by the acquisition of local suppliers and manufacturers of parts and components by the leading OEM suppliers is increasing the competitive rivalry further. Additionally, focus on the expansion of their businesses by innovative initiatives, increased investments, R&D, and the introduction of customized packages to cater to the growing needs of the customers are expected to help the players gain a significant share in the market during the forecast period.

Recent Developments

In February 2020, Boeing and HAECO reached an expanded agreement for consumables and expendable parts support. The agreement also includes the provision of additional supply chain solutions.

In February 2020, AJW Group announced that it had won a long-term power-by-the-hour (PBH) contract with Israeli carrier EL AL Israel Airlines Ltd. The PBH support covers EL AL's fleet of 26 Boeing 737 NG Aircraft. Under the contract, EL AL also obtained access to aircraft parts and AJW Technique's repair facilities.

In September 2019, AAR announced that it had signed its largest commercial deal in Japan, a multimillion-dollar Parts Supply agreement with Mitsubishi Heavy Industries Aero Engines Ltd (MHIAEL). Following the signing of the contract, AAR began work as the parts supplier for MHIAEL's PW4000 engine maintenance with international commercial airlines.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Aircraft Type

      1. 5.1.1 Narrow-body

      2. 5.1.2 Wide-body

      3. 5.1.3 Regional

    2. 5.2 Component Type

      1. 5.2.1 Airframe

      2. 5.2.2 Engine

      3. 5.2.3 Interior

      4. 5.2.4 Other Component Types

    3. 5.3 Parts

      1. 5.3.1 MRO Parts

      2. 5.3.2 Rotable Replacement Parts

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia-Pacific

      4. 5.4.4 Latin America

      5. 5.4.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Aventure International Aviation Services

      2. 6.2.2 Honeywell International Inc.

      3. 6.2.3 Collins Aerospace (Raytheon Technologies Corporation)

      4. 6.2.4 Meggitt PLC

      5. 6.2.5 Parker-Hannifin Corp.

      6. 6.2.6 General Electric Company

      7. 6.2.7 Moog Inc.

      8. 6.2.8 GKN Aerospace (Melrose Industries)

      9. 6.2.9 A J Walter Aviation Limited

      10. 6.2.10 Bombardier Inc.

      11. 6.2.11 The Boeing Company

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Commercial Aircraft Aftermarket Parts Market market is studied from 2018 - 2026.

The Commercial Aircraft Aftermarket Parts Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

The Boeing Company, Bombardier Inc., Honeywell International Inc., General Electric Company, Collins Aerospace (Raytheon Technologies Corporation) are the major companies operating in Commercial Aircraft Aftermarket Parts Market.

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