Strategic Assessment of Aerospace Aftermarket: Focus on Type, Aircraft Class, and Industry - Analysis and Forecast, 2020-2030

March 2020 | 88 pages | ID: S7701F90D170EN
BIS Research Inc.

Abstracts

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Key Questions Answered in this Report:

• What are the trends in the aerospace aftermarket industry across different regions?
• What are the major driving forces that tend to increase the demand for aerospace aftermarket during the forecast period 2020-2030?
• What are the major challenges inhibiting the growth of the global aerospace aftermarket industry?
• Which type (line and base maintenance, components, engine, airframe) is expected to dominate the global aerospace aftermarket in the coming years?
• What is the total revenue generated in global aerospace aftermarket by aircraft class in 2019 and what are the estimates by 2030?
• Which segment of global aerospace aftermarket (commercial and military) is expected to dominate the market in the coming years?
• What was the total revenue generated by the global aerospace aftermarket across different regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) in 2019, and what are the estimates by 2030?
• Who are the key players in the global aerospace aftermarket, and what are the new strategies adopted by them to make a mark in the industry?
• What major opportunities do the global aerospace aftermarket companies foresee in the next ten years?
• What is the competitive strength of the key leading players in the global aerospace aftermarket?

Global Aerospace Aftermarket Forecast, 2020-2030

The aerospace aftermarket industry analysis by BIS Research projects the market to grow at a significant CAGR of 3.87% on the basis of value during the forecast period from 2020 to 2030. North America dominated the global aerospace aftermarket with a share of 29.60% in 2019.

In North America, the U.S. is a prominent country in North America which is actively looking to modernize/upgrade the aircraft that can address a range of missions; this in turn, provide MRO service providers with new revenue streams over the next decade. North America is poised to maintain noteworthy aviation traffic growth, especially in domestic markets which enable MRO and network operators to continuously invest in hub strength in the form of increased capacity and airport improvements. For instance, in June 2018, ST Engineering Aerospace introduced a new airframe MRO facility in Pensacola, Florida, U.S at a cost of $46 million, in order to carry out heavy and line maintenance along with aircraft modification work.

MRO providers and airlines generally purchase used serviceable material (USM) from various traders at distinct prices, and many times, the cost of a used part may exceed that of a new component depending on the supply and demand for a particular component or part at the time of the transaction. Thus, there is no formal mechanism existing to access the value of used parts today. In order to deal with such circumstances, the International Air Transport Association (IATA) has taken initiatives to prepare a web-based pricing model which provide aftermarket players and airlines to real-time access to transparent market values for aircraft components, considering availability and delivery times for different parts and equipment. Such model enables the airlines and MRO providers to save material cost up to 10-15% and hence provide more opportunities for MRO providers to retain significant value from cost-effective and regular services.

Expert Quote

“Airlines are investing a huge amount on regular maintenance of their aircraft in order to serve their passengers with optimized customer experience. Thus, to stay competitive and match the wavelength with continuous demand of airlines for cost-effective maintenance, MROs, and various OEMs are working to develop high-tech solutions which help to plan maintenance of an aircraft more effectively on time and ensure operational availability of the assets at the same time.”

Scope of the Strategic Assessment of Aerospace Aftermarket

The strategic assessment of aerospace aftermarket provides detailed market information for segmentation on the basis of type, aircraft class, industry, and region. The purpose of this market analysis is to examine the aerospace aftermarket outlook in terms of factors driving the market, trends, technological developments, and competitive benchmarking, among others.

Strategic Assessment of Aerospace Aftermarket Segmentation

The engine type dominated the global aerospace aftermarket in 2019 owing to the rise in the initiative by various companies to manufacture advanced engines (using expensive materials and innovative technologies) to limit the need to replace life-limited parts and other scheduled maintenance visits.

While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the industry that is analyzed. The report also analyzes different aircraft class that include widebody, narrowbody, helicopters, regional jet, turboprop, and fighters transport.

In the industry segment, the market is segmented into commercial and military. The military industry is expected to be the most lucrative segment attributed to the growing contract among military forces and MRO service providers for the management of the aircraft fleet.

The aerospace aftermarket is segregated on the basis of five major regions, namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. Data for each of these regions has been provided in the report.

Key Companies in the Global Aerospace Aftermarket Industry

The key market players in the global aerospace aftermarket include Airbus, Aeroprecision, Collins Aerospace, Cyient, Pratt and Whitney, MTU Aero Engines, Lufthansa Technik AG, GE Aviation, Boeing, Honeywell, ST Aerospace, GKN Aerospace, Rolls Royce Delta TechOps, and Haeco Group, among others.

Contents

Executive Summary

1 MARKET DYNAMICS

1.1 Impact Analysis of Drivers and Restraints
1.2 Drivers
  1.2.1 Increase in Defense Budget for Aircraft Maintenance
  1.2.2 Upsurge in Passenger Air Traffic
  1.2.3 Increase in Aircraft Fleet
1.3 Market Challenges
  1.3.1 Lack of Expertise for MRO Services
  1.3.2 Material Shortages
1.4 Market Opportunities
  1.4.1 Expansion of New Facilities by Service Providers
1.5 Industry Trends

2 COMPETITIVE INSIGHTS

2.1 Key Companies in the Aerospace Aftermarket
2.2 Key Strategies and Developments
  2.2.1 Partnerships, Collaborations, Joint Ventures, and Contracts
  2.2.2 Service or Program Launches
  2.2.3 Facility Expansion
  2.2.4 Other Key Developments
2.3 Competitive Benchmarking

3 GLOBAL AEROSPACE AFTERMARKET, 2019-2030

3.1 Assumptions and Limitations
3.2 Market Overview

4 GLOBAL AEROSPACE AFTERMARKET (BY TYPE), 2019-2030

4.1 Market Overview
  4.1.1 Engine
  4.1.2 Components
  4.1.3 Line and Base Maintenance
  4.1.4 Airframe

5 GLOBAL AEROSPACE AFTERMARKET (BY AIRCRAFT CLASS), 2019-2030

5.1 Market Overview
  5.1.1 Narrowbody
  5.1.2 Widebody
  5.1.3 Helicopter
  5.1.4 Transport
  5.1.5 Fighters
  5.1.6 Regional Jet
  5.1.7 Turboprop

6 GLOBAL AEROSPACE AFTERMARKET (BY INDUSTRY), 2019-2030

6.1 Market Overview
  6.1.1 Commercial
  6.1.2 Military

7 GLOBAL AEROSPACE AFTERMARKET MARKET (BY REGION)

7.1 Market Overview
7.2 North America
7.3 Europe
7.4 Asia-Pacific
7.5 Middle East and Africa
7.6 Latin America

8 RESEARCH SCOPE AND BIS METHODOLOGY

8.1 Scope of the Report
8.2 Global Aerospace Aftermarket Research Methodology

9 APPENDIX

9.1 Related Reports

List Of Tables

LIST OF TABLES

Table 1: Market Snapshot: Global Aerospace Aftermarket, $Billion, 2019 and 2030
Table 2.1: Overview: Key Companies in Aerospace Aftermarket
Table 7.1: Global Aerospace Aftermarket (by Region), $Billion, 2019-2030
Table 7.2: Key Stats of North America Aerospace Aftermarket
Table 7.3: Key Stats of Europe Aerospace Aftermarket
Table 7.4: Key Stats of Asia-Pacific Aerospace Aftermarket
Table 7.5: Key Stats of Middle East and Africa Aerospace Aftermarket
Table 7.6: Key Stats of Latin America Aerospace Aftermarket

List Of Figures

LIST OF FIGURES

Figure 1: Market Dynamics of the Aerospace Aftermarket
Figure 2: Aerospace Aftermarket Value ($Billion)- Scenario Forecast, 2019 and 2030
Figure 3: Global Aerospace Aftermarket, $Billion, 2019, 2025, 2030
Figure 4: Global Aerospace Aftermarket (by Type), Share (%), 2019, 2025, and 2030
Figure 5: Global Aerospace Aftermarket (by Aircraft Class), Share (%), 2019, 2025, and 2030
Figure 6: Global Aerospace Aftermarket (by Industry), Share (%), 2019, 2025, and 2030
Figure 7: Global Aerospace Aftermarket (by Region), $Billion, 2019
Figure 1.1: Market Dynamics Snapshot
Figure 1.2: Impact Analysis: Drivers and Restraints
Figure 1.3: Global Defense Budget, $Billion, 2019
Figure 1.4: Aircraft Delivery Scenario, Units, 2018-2038
Figure 1.5: New Technicians Demand by Region, 2020-2040
Figure 1.6: Problems with Spare Parts Inventory
Figure 2.1: Key Strategies Adopted by Market Players
Figure 2.2: Percentage Share of Strategies Adopted by the Market Players, January 2018-February 2020
Figure 2.3: Partnerships, Collaborations, Joint Ventures, and Business Contracts by Key Market Players, January 2018 – February 2020
Figure 2.4: Service or Program Launches by the Key Market Players, January 2018 – February 2020
Figure 2.5: Facility Expansion by the Key Market Players, January 2018–February 2020
Figure 2.6: Other Key Developments Made by the Key Market Players, January 2018 – February 2020
Figure 2.7: Competitive Benchmarking, 2019
Figure 3.1: Global Aerospace Aftermarket, Revenue ($Billion), 2019-2030
Figure 4.1: Global Aerospace Aftermarket (by Type)
Figure 4.2: Global Aerospace Aftermarket (by Type), $Billion, 2019-2030
Figure 4.3: Global Aerospace Aftermarket for Engine, $Billion, 2019-2030
Figure 4.4: Global Aerospace Aftermarket for Components, $Billion, 2019-2030
Figure 4.5: Global Aerospace Aftermarket for Line and Base Maintenance, $Billion, 2019-2030
Figure 4.6: Global Aerospace Aftermarket for Airframe, $Billion, 2019-2030
Figure 5.1: Global Aerospace Aftermarket (by Aircraft Class)
Figure 5.2: Global Aerospace Aftermarket (by Aircraft Class), $Billion, 2019-2030
Figure 5.3: Global Aerospace Aftermarket for Narrowbody, $Billion, 2019-2030
Figure 5.4: Global Aerospace Aftermarket for Widebody, $Billion, 2019-2030
Figure 5.5: Global Aerospace Aftermarket for Helicopter, $Billion, 2019-2030
Figure 5.6: Global Aerospace Aftermarket for Transport, $Billion, 2019-2030
Figure 5.7: Global Aerospace Aftermarket for Fighters, $Billion, 2019-2030
Figure 5.8: Global Aerospace Aftermarket for Regional Jet, $Billion, 2019-2030
Figure 5.9: Global Aerospace Aftermarket for Turboprop, $Billion, 2019-2030
Figure 6.1: Global Aerospace Aftermarket (by Industry)
Figure 6.2: Global Aerospace Aftermarket (by Industry), $Billion, 2019-2030
Figure 6.3: Global Aerospace Aftermarket for Commercial, $Billion, 2019-2030
Figure 6.4: Global Aerospace Aftermarket for Military, $Billion, 2019-2030
Figure 7.1: Classification of Global Aerospace Aftermarket Market (by Region)
Figure 7.2: North America Aerospace Aftermarket, $Billion, 2019-2030
Figure 7.3: Europe Aerospace Aftermarket, $Billion, 2019-2030
Figure 7.4: Asia-Pacific Aerospace Aftermarket, $Billion, 2019-2030
Figure 7.5: Middle East and Africa Aerospace Aftermarket, $Billion, 2019-2030
Figure 7.6: Latin America Aerospace Aftermarket, $Billion, 2019-2030
Figure 8.1: Global Aerospace Aftermarket Segmentation
Figure 8.2: Global Aerospace Aftermarket Research Methodology
Figure 8.3: Data Triangulation
Figure 8.4: Top-Down and Bottom-Up Approach
Figure 8.5: Influencing Factors for the Global Aerospace Aftermarket
Figure 8.6: Assumptions and Limitations