Commercial Aircraft Aftermarket Parts Market

Commercial Aircraft Aftermarket Parts Market Highlights

The global commercial aircraft aftermarket parts market is expected to cross a value of USD 61.80 billion by the end of 2032. The market was valued at USD 38.13 billion in 2023 and is expected to expand at a CAGR of 6.9% between 2024-2032.

• Over the mid-term, the growing fleet of commercial aircrafts is the primary factor anticipated to drive the global commercial aircraft aftermarket parts market.
• The high product development cost is a major factor to challenge the market growth.
• The North America commercial aircraft aftermarket parts market is projected to dominate the global market.

Commercial Aircraft Aftermarket Parts Market Outlook

The components, systems, and accessories that are used for maintenance, repair and overhaul (MRO) activities of commercial aircraft is known as commercial aircraft aftermarket parts. These parts help in ensuring the continued airworthiness, reliability and safety of commercial aircrafts.

According to our experts at KD Market Insights, one of the primary factors associated with the growth of the global commercial aircraft aftermarket parts market is the growing fleet of commercial aircrafts worldwide. Our researchers have found that in the year 2023, the total number of commercial aircrafts registered were close to 28000 units and this figure is expected to grow by more than 25% in the next decade. Supported by a rising demand for air travel globally, the existing fleet of commercial aircrafts is growing rapidly. As the number of aircraft in operation increases, the need for maintenance, repair and overhaul (MRO) activities for these aircraft would also increase, which is expected to drive the demand for commercial aircraft aftermarket parts. Honeywell International Inc., General Electric Company, and Eaton Technologies are some of the significant parties in the global market for commercial aircraft aftermarket parts.

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Commercial Aircraft Aftermarket Parts Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global commercial aircraft aftermarket parts market are:

• Increasing Availability of Ageing Aircraft Fleet: Backed by the growing demand for air travel, airline operators are rapidly increasing their existing fleet. As a result, the number of aircrafts are also ageing in this process and so is the availability of a large ageing aircraft fleet. As per our experts, the average age of aircraft in the global airline fleet was close to 12 years in the year 2023. To keep aircraft operational and airworthy, the demand for efficient maintenance and support services are on the rise, which is expected to drive the demand for aftermarket parts and spares.
• Growing Availability of Retrofit Programs: Airline operators around the globe are always looking for ways to enhance their customer offerings. These operators are rapidly demanding new cabin interiors and other upgrades which can provide its customers a beautiful flying experience. Keeping this in mind, the maintenance, repair, and overhaul (MRO) service providers are increasingly coming up with different types of retrofit programs that allow airline operators to enhance their cabin interiors and upgrade other aircraft parts to enhance aircraft performance, fuel efficiency, and also passenger experience. Cabin interior refurbishments, winglet installations, and engine upgrades are some of the most common retrofit programs which are being adopted by airline operators, thereby driving the demand for aftermarket parts and modification kits.

Which Probable Factors Could Hamper the Growing Commercial Aircraft Aftermarket Parts Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of commercial aircraft aftermarket parts are:

• Stringent Regulatory Norms for Aftermarket Aircraft Parts: Regulatory authorities, such as the Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA), has set stringent aviation regulations for aircraft aftermarket part manufacturers so that the aircraft components meet rigorous safety, quality, and performance criteria set by these bodies. This stringent process raises the complexities of manufacturing these parts, which is expected to limit the market growth.
• High Product Development Cost: The development and certification cost of commercial aircraft aftermarket parts are usually very high as much of the investment of the manufacturers are focused on the research, development, testing and certification processes. As these costs are variable in most cases, hence, the overall cost of production increases, further affecting the cost of the final product.

How is the Global Commercial Aircraft Aftermarket Parts Market Segmented?

Our experts at KD Market Insights have segmented the global commercial aircraft aftermarket parts market as:

What are the Probable Factors Influencing the North America Commercial Aircraft Aftermarket Parts Market Forecast?

The North America commercial aircraft aftermarket parts market is majorly driven by the fact that the region possesses one of the largest commercial aircraft fleets worldwide, and has a blend of different types of models of aircrafts. Our experts have reported that the number of aircraft in the United States alone was more than 2 million in the year 2022. Moreover, increasing investments of airline operators in fleet modernization and rapid advancements in aerospace technology, material sciences, and manufacturing processes that drive innovation in aftermarket parts design, development, and production, are expected to contribute to the market growth.

As per our analysts at KD Market Insights, the following five players lead the North America commercial aircraft aftermarket parts market growth:

• HEICO Corporation
• AAR Corp
• GA Telesis, LLC
• Wencor Group
• Aviation Technical Services (ATS)

Which Key Players Top the Global Commercial Aircraft Aftermarket Parts Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global commercial aircraft aftermarket parts market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with commercial aircraft aftermarket parts market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global commercial aircraft aftermarket parts market share:

• Honeywell International Inc.
• General Electric Company
• Eaton Technologies
• Meggitt PLC
• UTC Aerospace Systems
• AJW Group
• The Boeing Company
• Collins Aerospace

What are the Recent Developments Observed in the Commercial Aircraft Aftermarket Parts Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global commercial aircraft aftermarket parts market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, AAR CORP stated that it has signed a distribution deal with Cloud Cap Technology, a division of Collins Aerospace Mission systems, for providing its aftermarket services.

Further, Parker Meggitt stated that it has collaborated with Airbus to create an energy buffer service of the ZEROe aircraft demonstration.