Market Size of Latin America Aircraft MRO Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Aircraft MRO Market Analysis
The Latin America Aircraft MRO Market is projected to grow with a CAGR of over 4% during the forecast period (2022 - 2027).
The COVID-19 pandemic had a major impact on the aviation industry in Latin America, as the demand for air travel dropped and airlines were forced to cut down their capacity in 2020 and 2021. However, the demand for domestic travel and cargo movements coupled with the earlier relaxation of travel restrictions has helped the passenger traffic recovery in the region. According to IATA, the 2019 passenger numbers are forecast to be surpassed in 2023 for Central America (102%), followed by South America in 2024 (103%) and the Caribbean in 2025 (101%).
Due to the weakening of the economies, most of the major military powers in the region have opted to reduce their defense spending and investments in aircraft procurements in recent years. This might force the militaries to operate older aircraft for some more years, which might drive the demand for the military aircraft MRO services.
