According to a new market research report published by Credence Research “Air Transport MRO Market (By Aircraft Type – (Narrow Body, Wide Body, Regional Jet, Turboprop), By Offering – (Engine, Component, Airframe, Line), By End-user – (Passenger, Cargo) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall air transport MRO market worldwide is set to grow with a CAGR of 4.64% throughout the forecast period starting from US$ 78.84 Bn in 2018.
With the growing percentage of air passengers and rising number of fleets in aviation industry, the global air transport MRO market is expected to continue witnessing growth of 4.64% CAGR from 2019 to 2027. Along with growing share of tourism industry and addition of new routes, the aviation industry is growing rapidly which in turn grew the air transport MRO market worldwide. Economic development of Asia Pacific has witnessed strong demand for air travel. During the forecast period, it is estimate to be the leading region in overall air transport MRO market.
With the use of cutting-edge technology like artificial intelligence, airliners and MRO industry players are using predictive software solutions such as AMOS, AerData and Rusada to reduce their turnaround time (TAT). By data integration & predictability of demand, the players are able to streamline their operation, execution and improve their performance which keeping them competitive in the market. In July 2018, Russia’s Ural Airlines selected AMOS software of Swiss-AS to increase its efficiency in planning and execution of airline’s MRO activities.
Based on aircraft type, narrow body segment led the market with over 55%, in terms of revenue, of the total market size of the globe in 2018. Due to its extended range, maximum take-off weight and fuel efficiency, narrow body aircraft is most suitable for low-cost carrier. In the year 2018, AirBus and Boeing, the two major players in aircraft manufacturing have delivered over 1,200 narrow body aircrafts. In addition, both the players are committed to increase their production rate which will further raise the narrow body market share during the forecast period.
On the basis of geography, North America leads the overall air transport MRO market in 2018. Relatively more mature market along with large number of fleet presence, the region has accounted for more than 25% of the global market size in the year 2018. However, with the emergence of China, India and other Asian economies, Asia Pacific expected to lead the market during the forecast period.
The overall air transport MRO market is quite competitive in nature with market players focusing on use of technology to improve its efficiency. Lufthansa Technik is among the largest players having international license for maintenance, repair and overhaul. The company provides AVIATAR, a cloud-based independent open platform for MRO. Additionally, in October 2019, AAR Corp. integrated Donecle drones for its MRO operations. This fully automated drone technology improved its precision and speed in inspection and execution of maintenance plan. This helped company to reduce its turnaround time (TAT) which results into higher client satisfaction. With shorter TAT, company is expecting to attract more airliners towards AAR Corp. for MRO services.
Some of the major companies profiled in the report include AAR Corp., Air France Industries KLM Engineering & Maintenance, Hong Kong Aircraft Engineering Company Limited, Delta TechOps, Lufthansa Technik, Airbus S.A.S., Singapore Technologies Engineering Ltd., Turkish Technic Inc., Sabena Technics and SR Technics among others.
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