Aircraft Maintenance, Repair & Overhaul Market - By Type, By Service & Global Region - Market Size, Share, Trends and Forecast 2021-2027
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The global aircraft maintenance repair overhaul market size was estimated at USD 4.7 billion in 2019 and is expected to reach USD 6.9 billion by 2027, growing with a CAGR of 6.1% over the forecasted period of 2021 to 2027. Aircraft maintenance repair overhaul is a process practiced by every airline, commercial, business jet owners, and military forces. The periodic inspection, modification, and modification of commercial and military aircrafts are crucial for the end user. To fulfill the service bulletins and airworthiness directives, these processes are carried out beneath the regulation set by various authorities or organizations like International Civil Aviation Organization (ICAO) and others. The market for aircraft maintenance repair overhaul is very matured and growing market which is experiencing a rapid growth over the years.
Moreover, increasing the number of national and international routes is raising demand for an extensive number of commercial aircrafts which is resulting in leading aircraft MRO services givers to enhance their commerce and thereby boost the growth of the aircraft maintenance repair overhaul market. Furthermore, this trend is projected to drive the market in the upcoming years. Increasing military operations, interest for action ready, and the drill, the military forces have to maintain, repair, and overhaul their aircraft on time to time, further enhancing the demand for aircraft maintenance repair overhaul market. However, factors like the time-consuming process for aircraft MRO and its high cost restrict the growth of the aircraft maintenance repair overhaul market. In addition, the due to the COVID-19 pandemic, the aviation industry has suffered maximum loss due to completed down and shutdown across the globe, which has led to restriction on traveling and directly affected the national and international travel.
The growing commercial aircraft fleet mostly drives the aircraft maintenance repair overhaul market. Presently, there are around 20,000 aircrafts which make up the global operational fleet and aircraft retirement s have reduced largely due to the rising age of aircraft now more than 20 years. Moreover, owing to the fact that the recent aircrafts are being regularly updated to inculcate latest innovation and technology like MRO services before being converted into freighters or for scrap. In addition, this factor is increasing the aircraft maintenance repair overhaul market. Although the count of backlogs to aircraft sales or deliveries has raised exponentially over the last couple of years, it has also not influenced the market's progress as the industry is not directly dependent on it. Moreover, the airline industry has many competitors wherein airlines carriers go to large strengths to create a large number of customers by regularly changing the cabin interior of their aircraft fleet to satisfy passengers and convert them into repeat passengers.
Based in region, the global aircraft maintenance repair overhaul market is divided into North America, Europe, Asia-Pacific and LAMEA. The Asia-Pacific region accounted for the largest share and it is expected to retain its dominance during the forecast period. Asia-Pacific is the leading market as large number of narrow body aircrafts are being used in this region owing to the presence of large number of service providers. Moreover, North America region is also growing owing to the presence of both airline carriers and commercial aircrafts.
The LAMEA region, especially the GCC countries is projected to grow with an average growth owing to the increasing airline industry in the region and the airline carriers for regular aircraft renovation to keep their fleet well maintained.
By type analysis, the aircraft maintenance repair overhaul market is segmented into narrow body aircraft, wide body aircraft, very large body aircraft and regional aircraft. The narrow body segment holds the major market share and it is expected to retain its dominance during the forecast period.
On the basis of service, the aircraft maintenance repair overhaul market is divided into maintenance services, engineering services, technical training, inventory management, freight conversions and others. The maintenance services segment holds the major share owing to increase in domestic and international flights and carriers.
Key Companies Profiled
The global aircraft maintenance repair overhaul market is characterized by the presence of various small and big players. The major market player includes Delta TechOps (Delta Corporation Ltd.), Singapore Technologies Aerospace Ltd., Hong Kong Aircraft Engineering Company Ltd. (HAECO), AAR Corporation, Lufthansa Technik AG, Air France Industries / KLM Engineering and Maintenance, Guangzhou Aircraft Maintenance Engineering Company Ltd., Turkish Technic Inc., Evergreen Aviation Technologies Corporation, Aviation Technical Services, Sabena Technics, Aeroman, Mexicana MRO Services, SIA Engineering Company Ltd., and United Technologies Corporation. As the market is competitive in nature, the players are indulged in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
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