Market Trends of Commercial Aircraft Aftermarket Parts Industry
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.
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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.
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