Aircraft Refurbishment Market to Surpass US Dollar Valuation
NEWARK, Del, July 21 2022 (GLOBE NEWSWIRE) — The global aircraft refurbishment market is expected to grow at an astounding CAGR of 5.8% between 2021 and 2031. Future Market Insights (IMF) forecasts the market value to reach USD 4.2 billion. in 2021.
Approximately 5% of the aircraft refurbishment market represents the airline market. Therefore, accelerating demand for MRO services in air transport will have a positive impact on aircraft refurbishment sales.
Growing demand for commercial cabin refurbishment coupled with increase in air travel is expected to improve the demand for aircraft refurbishment. Against this backdrop, Future Market Insights predicts that global aircraft refurbishment sales will reach a valuation of US$7.4 billion in 2031.
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- New and improved technologies for interiors are likely to meet the growing demand for greater comfort and luxury in air travel. This results in market growth exhibiting a CAGR of 5.8% over the forecast period (2021-2031).
- Commercial airlines are rapidly producing narrow-body and wide-body aircraft fleets owing to the increase in passenger air traffic, which is also fueling the demand in the aircraft refurbishment market.
- The constant urge to provide better comfort and amenities on short-haul flights by airlines should boost the reputation of most airlines. This eventually led to an increase in demand for refurbished aircraft interiors by commercial airlines.
- Growing demand for VIP refurbishment in developing economies such as India, Middle East countries, and China is expected to propel the growth of the market.
- Supported by these factors, sales in the aircraft refurbishment market will grow 1.8x, reaching a valuation of US$4.2 billion in 2021.
- The North American region is expected to lead the aircraft refurbishment market accounting for over 90% of the market in 2021.
Diehl Shiftung & Co. KG, Gulfstream Aerospace Ltd., Jamco America Inc., Hong Kong Aircraft Engineering Co. Ltd., Jet Aviation AG, Lufthansa Technik AG, Sabreliner Aviation LLC, Raytheon Technologies, SIA Engineering Co. Ltd, Rose Aircraft Services , Safran SA, Nextant Aerospace, AFI KLM E&M are some of the key companies profiled in the full version of the report.
Companies operating in the aircraft refurbishment market aim for technological innovations for aircraft interior components. To strengthen their footprint, some enter into strategic partnerships with other industry players.
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More information on the aircraft refurbishment market
The US market is expected to be one of the most lucrative markets throughout the forecast period with an estimated account of over 90% of the market in 2021.
The United States is estimated to have the highest aircraft fleet in the North American region, contributing the maximum share. In addition to this, the size of the fleet is increasing due to the increase in air travel and the adoption of advanced technologies in aircraft repair.
The growth of the aircraft refurbishment industry is also driven by the strong presence of comprehensive aircraft finishing centers specializing in aircraft cabin design modifications and the delivery of VIP finishes.
Aircraft refurbishment demand is expected to grow at a robust CAGR of 7.1% over the forecast period. China is home to one of the largest aircraft fleets in the world, making it a lucrative region for aircraft refurbishment.
According to the IMF’s assessment, aircraft refurbishment sales are expected to reach US$6.5 billion by the end of 2031 in China.
According to IMF analysis, ASEAN countries will account for almost 40.6% of the market share in South Asia and the Pacific in 2021. Countries like Indonesia, Malaysia and Singapore have players major companies providing maintenance, repair and overhaul (MRO) services for commercial aircraft. .
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Aircraft Refurbishment Market by Category
By type of assembly:
- IFES & Lighting
- Passenger seats
By aircraft type:
- Jumbo jets
- Wide body aircraft
- Narrow-body aircraft
By type of refurbishment:
- Refurbishment VIP cabin
- Refurbishment of commercial cabins
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
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About IMF – Automotive
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