Future Market Insights delivers key insights on the global Air Transport MRO market in its latest report titled ‘Air Transport MRO Market: Global Industry Analysis (2013-2017) and Opportunity Assessment, 2018-2028.’ The long-term outlook on the global Air Transport MRO market remains positive with the market value expected to increase at a CAGR of 4.9% during the forecast period (2018-2028). Among application of air transport MRO market, the Engine segment is expected to expand at a significant CAGR in terms of value over the forecast period. The global service market of air transport MRO is estimated to be valued at US$ 76,637.9 Mn by the end of 2018. North America is estimated to account for a value share of 25.8% in the global Air Transport MRO market by 2018 end and it is anticipated to retain its dominance throughout the forecast period. In this report, Future Market Insights throws light on drivers and restraints likely to impact the market during this period.
Expanding Fleet Size to Drive the Air Transport MRO Market
The number of passengers has grown rapidly in Asia Pacific, owing to the liberalization of markets, growth in wealth and size of the middle class and a lack of alternative modes of transport. In recent decades, Asia has emerged as a major region in aviation traffic and is expected to remain resilient in the coming decade. The economic and income growth in large emerging markets such as China and India has been a primary driver for the global GDP growth and also, for air travel. China has contributed significantly to world traffic growth for several years, as its passenger growth has increased at a significant rate. India’s emergence as a high-growth economy is expected to make one of the largest commercial aviation markets in the coming decade. As a result, the fleet size of airline owners, especially those following the low cost business model, is expected to increase significantly, which will ultimately impact the aircraft components market and also contribute towards air transport MRO market.
Growing Number of Aircraft Service Providers Expected to Support Healthy Growth of Air Transport MRO Market
The number of air transport MRO service provider is continuously growing at a healthy rate. With increasing international investments and partnerships and more aircraft deliveries, the air transport MRO service providers list will continue to expand in the coming years. Most of the air transport MRO service providers collaborate with airlines companies or the company which manage the operations of the airport. As a result, the market will be positively impacted by widening customer reach. Moreover, this will also support players to shift their service footprint to developing countries such as China and India, owing to the continuously growing aviation industry and close proximity to end users boosting air transport MRO market over the forecast period.
Segmentation Analysis of the Air Transport MRO Market
The air transport MRO market is segmented on the basis of application into airframe, engine, component and line.
The air transport MRO on the basis of application, the engine segment is anticipated to continue to dominate the market in terms of value over the forecast period.
- The engine segment of air transport MRO market is estimated to grow at a relatively high CAGR as compared to other segments over the forecast period. It is expected to represent a total incremental opportunity of US$ 19,749.4 Mn between 2018 and 2028.
Regional Market Projections of Air Transport MRO Market
The North America air transport MRO market is expected to represent significantly high incremental opportunity between 2018 and 2028, the Market of air transport MRO in North America is expected to represent a total incremental opportunity of US$ 11,332.1 Mn between 2018 and 2028.
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Air Transport MRO Market Participants
The report highlights some of the top companies operating in the air transport MRO market includes AAR Corporation, Air France Industries KLM Engineering & Maintenance, Delta TechOps (Delta Corporation Ltd, Hong Kong Aircraft Engineering Company (HAECO) Ltd, Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, SIA Engineering Company (SIAEC).