Aircraft Aftermarket Parts Market Share, Growth, Demand, Trends, Revenue, Business Challenges, Key Manufacturers and Future Opportunities till 2033: SPER Market Research

The commercial aircraft aftermarket parts market is vital for maintaining global commercial aircraft operations. Aftermarket parts, including avionics, landing gear, engines, and interior components, ensure aircraft safety and performance post-sale. Manufacturers, distributors, and service providers supply these parts to airlines, MRO facilities, and other stakeholders for aircraft maintenance and repair purposes.

According to SPER market research, ‘Commercial Aircraft Aftermarket Parts Market Size- By Aircraft Type, By Component Type, By Parts- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Commercial Aircraft Aftermarket Parts Market is predicted to reach USD 73.74 Billion by 2033 with a CAGR of 6.1%.

DRIVING FACTORS:

• The growing number of air travellers worldwide is boosting demand for commercial aircraft aftermarket components as airlines struggle to maintain their fleets and assure passenger safety.
• Ageing Aircraft Fleets: Many aircraft in service today are nearing the end of their operational lives, necessitating regular repairs, component replacements, and upgrades, hence increasing demand for aftermarket parts.
• Advancements in aerospace technology, including as improved avionics systems, lightweight materials, and more efficient engines, are boosting demand for advanced aftermarket parts that improve aircraft performance and fuel economy.
• Regulatory Requirements: Aviation authorities around the world set stringent safety and regulatory regulations, which require airlines to inspect, repair, and replace aircraft components on a regular basis, boosting demand for aftermarket parts.

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CHALLENGES:

• High Cost of Aftermarket Parts: Commercial aviation aftermarket parts can be expensive, especially for complicated systems and components, making it difficult for airlines and MRO facilities with limited resources.
• Counterfeit Parts: The presence of counterfeit aftermarket parts on the market poses a substantial risk to aircraft safety and reliability. This issue emphasises the importance of strong quality control and regulatory requirements.
• Inventory Management Challenges: Managing a large inventory of aftermarket parts may be difficult and costly, since airlines and MRO facilities must guarantee that they have the necessary components on hand at the right time while minimising inventory carrying costs.

COVID Impact: The global COVID-19 pandemic has had a severe influence on the commercial aircraft aftermarket parts sector. The aviation industry faced unprecedented obstacles, such as travel restrictions, decreased passenger demand, and fleet groundings. As a result, demand for aftermarket parts fell due to decreased maintenance operations and postponed fleet expansion plans. However, when the sector gradually recovers, the aftermarket parts market is likely to rise, owing to the demand for fleet optimisation, upgrades, and aircraft reactivations.

Asia-Pacific has the largest market share and is expected to have the fastest regional expansion in the commercial aircraft aftermarket parts market. The surge in air travel in nations such as India, China, Vietnam, Indonesia, Japan, and Taiwan has resulted in regional airlines launching fleet expansion programmes to meet demand over the previous two decades.

Commercial Aircraft Aftermarket Parts Market Key Players

Additionally, some of the market key players are A J Walter Aviation Limited, Honeywell International Inc., Meggitt PLC, Moog Inc., Parker-Hannifin Corporation, The Boeing Company, Others.