Global Commercial Aircraft Aftermarket Parts Market Analysis 2019 Forecasts to 2023

Global Commercial Aircraft Aftermarket Parts Market by Parts (MRO parts and Rotable Scarp Replacement Parts), by Aircraft Type (Wide body Aircraft, Narrow body Aircraft, and Regional Jet), by Geography - Forecast To 2021

Market Synopsis:

Market Research future (MRFR) has published a report stating that the global commercial aircraft aftermarket parts market is marked to expand at a moderate growth rate during the forecast period of 2016-2021. Rapid growth in the aircraft fleets in the developed and developing regions has led to the high demand for aircraft components in the aviation industry. manufacturing the components and electronic systems for aircraft is an expensive business. Hence, the utilization of active spare parts from retired aircraft is a cost-effective alternative. Rise in utilization of aircraft aftermarket parts for maintenance, repair and overhaul (MRO) services is propelling the expansion of the global commercial aircraft aftermarket parts market. Proliferation in original equipment manufacturers (OEM) in the aviation industry is also fueling the expansion of the global commercial aircraft aftermarket parts market during the assessment period.

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Market Segmentation:

The global commercial aircraft aftermarket parts market has been segmented on the basis of parts and aircraft type. Based on parts, the global commercial aircraft aftermarket parts market has been segmented into MRO parts and rotable scrap replacement parts. The MRO parts segment is anticipated to command for the major share in the global commercial aircraft aftermarket parts market. Based on aircraft type, the global commercial aircraft aftermarket parts market has been segmented into narrow body aircraft, wide body aircraft, and regional jet.

Detailed Regional Analysis:

Geographically, the global commercial aircraft aftermarket parts market has been segmented into four major regions such as Europe, Asia Pacific, North America, and the Middle East and Africa. The Europe region is projecting dominance over the global commercial aircraft aftermarket parts market owing to the increased fleet of commercial aircrafts as a result of globalization and expansion of maintenance repair and overhaul (MRO) services in the aviation industry on this region. The Asia Pacific is anticipated to command for the second largest share in the global commercial aircraft aftermarket parts market. The emerging economies in this region are focusing on expansion of aviation industry and improving the air transport systems by adding new fleets of aircraft.

Increasing number of manufacturers and introduction of new airlines are inducing high demand for the aftermarket parts, which in turn is fueling the growth of the commercial aircraft aftermarket parts market in the Asia Pacific region. The commercial aircraft aftermarket parts market in the North America region is expanding at a significant growth rate as the old aircraft in the aviation industry of this region are being replaced by the new and upgraded aircraft. As the components of aircraft are very expensive and replacing them is not cost effective, the utilization of aftermarket parts in high in the aviation industry, which is leading to the expansion of the commercial aircraft aftermarket parts market in this region. Poor economic conditions and a smaller number of aircraft fleets are leading to the slow growth of the commercial aircraft aftermarket parts market in the Middle East and Africa region.

Key Players:

The major players profiled by MRFR that are operating in the global commercial aircraft aftermarket parts market are AAR, Eaton, General Electric, Honeywell International, Rockwell Collins, AJW aviation, avail, BE aerospace, BF Goodrich, Meggitt, Parker-Hannifin, and Pratt& Whitney. The players in the global commercial aircraft aftermarket parts market are focusing on expansion of their businesses by strategizing innovative initiatives such as mergers and acquisitions, increased research and development activities, increased investment for outsourcing various processes and advanced product portfolio in order to sustain the competition in the global commercial aircraft aftermarket parts market.

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