Aircraft Aftermarket Parts Market Report 2024 (Global Edition)

Global Aircraft Aftermarket Parts Market Report 2024 Market Size Split by Parts Type (MRO Parts, Rotable Replacement Parts), by Component Type (Engine, Airframe, Interior, Cockpit Systems, Others), by...

Aircraft Aftermarket Parts Market Report Description

We have various report editions of Aircraft Aftermarket Parts Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Aircraft Aftermarket Parts Market Insights Video

Competitive Landscape of Aircraft Aftermarket Parts Market

The market for Aircraft Aftermarket Parts is comprised of established original equipment manufacturers (OEMs), specialized parts suppliers, and maintenance providers. OEMs offer proprietary components by leveraging their brand's repute. Independent suppliers provide a vast array of parts with a focus on cost-effectiveness. MRO companies provide all-encompassing solutions. Quality, price, availability, and customer service are at the center of intense competition. OEM partnerships and collaborations with independent suppliers further shape the landscape.

Aircraft Aftermarket Parts Industry News

• ^{January 2021: ST Engineering announced today that it had signed a 10-year agreement with Honeywell Aerospace to become Asia-Pacific's sole licensed MRO service provider licensed MRO service provider in Asia-Pacific for Honeywell components installed on LEAP-series engines. ST Engineering is designated to provide component MRO and warranty repair services to all Asia-Pacific operators for Honeywell components deployed on the Airbus A320neo family, Boeing 737 MAX, and COMAC C919 engines.}

(Source:www.aviationbusinessnews.com/mro/st-engineering-wins-honeywell-component-mro-contract-for-leap-engines/)

• ^{May 2022: Boeing and Airline MRO Parts (AMP) entered a Tailored Parts Package (TPP) agreement, demonstrating a genuinely collaborative approach to meeting customer requirements. The contract establishes Boeing as a supplier for AMP's parts business and designates Boeing as a "Platinum Supplier." Boeing's Parts & Distribution Services team collaborated to submit a single proposal for all aspects of our parts business, thereby improving the efficacy of our response.}

(Source:services.boeing.com/news/amp-parts-package-agreement)

Top Companies Market Share in Aircraft Aftermarket Parts Industry: (In no particular order of Rank)

• The Boeing Company (The US)
• Collins Aerospace (The US)
• Honeywell International Inc. (The US)
• General Electric Company (The US)
• Eaton Technologies (The US)
• Meggitt PLC (The UK)
• UTC Aerospace Systems (The US)
• AJW Group (The UK)
• AAR Corp
• Parker-Hannifin
• Pratt & Whitney
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

The North American Aircraft Aftermarket Parts market Dominate the Largest Share of Global Market

According to Cognitive Market Research, North America retains the largest Aircraft Aftermarket Parts market share because of its robust aviation industry, high concentration of airlines and operators, and many aging aircraft. With a large fleet of narrow and wide-body aircraft, North America requires a substantial quantity of aftermarket parts to assure operational efficiency, safety, and regulatory compliance. Furthermore, the region's sophisticated MRO capabilities, robust regulatory framework, and technological expertise contribute to its market dominance. The continuous cycle of aircraft maintenance, repair, and overhaul in North America's developed aviation ecosystem reinforces the continent's position as a critical hub for aftermarket parts distribution and services. 

The United States Aircraft Aftermarket Parts Anticipated to Grow at the Quickest Rate in North America

According to Cognitive Market Research, the United States is expected to maintain its leading position in the North American region due to its substantial aviation infrastructure, which includes major airlines, MRO facilities, and aerospace manufacturers. The country's advanced technological capabilities, sizeable fleet, and robust regulatory environment position it as a major participant in the aftermarket parts market. In addition, the history of innovation and investment in the U.S. aerospace industry reinforces its regional leadership.

The Key Factors for Aircraft Aftermarket Parts to Witness the Fastest Growth in the Asia Pacific Region in the Forecast Period

Due to various converging factors, the Aircraft Aftermarket Parts market is quickly expanding in the fastest-growing region. Increasing aircraft utilization in the region is necessitated by the region's increasing air travel demand, which necessitates frequent maintenance and part replacement. As airlines increase the size of their fleets, the demand for aftermarket parts increases. Moreover, a growing emphasis on safety, compliance with regulations, and passenger experience motivates investments in high-quality components. The region's emerging economies are also experiencing a rise in aircraft modernization initiatives, which increases the demand for aftermarket enhancements.

The current report Scope analyzes Aircraft Aftermarket Parts Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

Aircraft Aftermarket Parts Market Analysis

By Parts Type, the MRO (Maintenance, Repair, and Overhaul) Segment Holding the Major Share of the Aircraft Aftermarket Parts Market

According to Cognitive Market Research, MRO (Maintenance, Repair, and Overhaul) parts occupy the largest market share for Aircraft Aftermarket Parts. The need for routine maintenance, scheduled inspections, and repairs to assure aircraft safety and operational effectiveness drives the demand for MRO parts. The airlines and operators rely on these components to maintain conformance with regulatory standards and extend the aircraft's lifespan. MRO parts comprise many components, including avionics, engines, landing gear, and structural components. Consistent demand for MRO services among global aviation carriers and an emphasis on passenger safety contribute to MRO parts' dominant market position.

In the market for Aircraft Aftermarket Parts, rotable replacement parts are the fastest-growing segment. These components are typically reparable or replaceable and can be removed from an aircraft and replaced with a refurbished or overhauled unit. The increasing demand for rotatable replacement parts is driven by the need to reduce aircraft downtime and operational disruptions. Rotatable replacement parts enable fast turnarounds, allowing airlines to optimize aircraft availability and reduce maintenance-related delays.

• MRO Parts
• Rotable Replacement Parts

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Aircraft Aftermarket Parts Industry. Request a Free Sample PDF!

By Component Type, the Engine Segment Controlling the Aircraft Aftermarket Parts Market

Engine components hold the highest market share within the Aircraft Aftermarket Parts market. The engine is a complex and essential component of an aircraft that requires regular maintenance, repairs, and replacements to ensure optimal performance and safety. Constant demand for replacement parts, such as turbine blades, bearings, and gaskets, is necessitated by the high operational stress and stringent regulatory requirements that engines are subjected to. Additionally, advancements in engine technologies and the desire for increased fuel efficiency motivate airlines to invest in engine enhancements and modifications. 

According to Cognitive Market Research, in the market for Aircraft Aftermarket Parts, interior components are the most rapidly expanding segment. The increasing significance of passenger comfort, in-flight entertainment, and aesthetic allure drives the demand for interior upgrades and renovations. By investing in upgraded cabin furnishings, seats, illumination, and entertainment systems, airlines and operators seek to improve passenger experiences and maintain their competitive edge.

• Engine
• Airframe
• Interior
• Cockpit Systems
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Aircraft Aftermarket Parts Aircraft Type Segment Analysis

According to Cognitive Market Research, the market for parts for aircraft aftermarket has a disproportionately large share of narrow-body aircraft. The widespread adoption of narrow-body aircraft by airlines for short- to medium-distance routes, resulting in longer flight cycles and increased component wear, contributes to this dominance. The congested network of regional and domestic routes necessitates increased maintenance and component replacement. 

Wide-body aircraft are the segment of the Aircraft Aftermarket Parts market that is expanding quickly. Demand for wide-body aircraft grows as airlines expand their international routes and long-haul services. These aircraft require larger and more sophisticated parts, resulting in a substantial demand for aftermarket components. In addition, improvements in wide-body aircraft designs, such as increased fuel efficiency and passenger capacity, motivate airlines to invest in aftermarket enhancements to prolong their operational lifespan.

• Narrow-body
• Wide-body
• Regional Aircraft

Author's Detail

Anjali Lawand

Research Associate at Cognitive Market Research

LinkedIn

Profile

Anjali Lawand is an accomplished market researcher with a distinct focus on the intricate sector of the Aerospace and Defense. Driven by an unshakable analytical prowess and an insatiable appetite for technological progress, she has committed more than ten years to immersing herself in the ever-evolving panorama that molds the trajectory of aviation, space exploration, and the critical sphere of national security.

Author's Conclusion