Overview and Scope
Aircraft maintenance refers to tasks required for the upkeep, overhaul, repair, or modification of an aircraft or an aircraft component carried out at a facility with the necessary personnel and equipment, as well as the ability to quickly obtain the necessary parts for the facility’s operator.
Sizing and Forecast
The aircraft maintenance market size has grown strongly in recent years. It will grow from $44.75 billion in 2023 to $47.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to lifecycle extension of aircraft, emphasis on safety, outsourcing maintenance services, shift to predictive maintenance, rise of commercial aviation..
The aircraft maintenance market size is expected to see strong growth in the next few years. It will grow to $58.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to fleet expansion, regulatory changes, transition to predictive maintenance, rise in low-cost carriers, outsourcing trends.. Major trends in the forecast period include adoption of predictive maintenance, use of advanced technologies, focus on cost-efficiency, transition to digital records, outsourcing maintenance services..
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The aircraft maintenance market covered in this report is segmented –
1) By Service Type: Engine Overhaul, Line Maintenance, Modification, Components, APU
2) By Aircraft Type: Narrow-Body, Wide-Body
3) By Organization Type: Independent MRO, Original Equipment Manufacture MRO, Other Organization Types
4) By End-User: Commercial Aircraft, Military Aircraft
Asia-Pacific was the largest region in the aircraft maintenance market in 2023. The regions covered in the aircraft maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in the number of air passengers is expected to boost the growth of the aircraft maintenance market going forward. An air passenger is a person or business involved primarily in the transportation of people by aircraft in interstate commerce. The prime reason for ongoing aircraft maintenance is the safety of all on board, particularly passengers. The safety of the passengers is the top priority of any aircraft owner. For instance, in March 2022, according to the International Air Transport Association (IATA), a Canada-based association that supports airline activity and helps formulate industry policy and standards, there will be 4.0 billion passengers worldwide in 2024 (including multi-sector connecting flights as one passenger), reaching pre-COVID-19 levels (103% of the amount for 2019). The total number of travelers in 2021 was 47% higher than in 2019 and in 2022, 83% are anticipated, followed by 94% in 2023, 103% in 2024and 111% in 2025. Therefore, the increase in the number of air passengers is driving the growth of the aircraft maintenance market.
Key Industry Players
Major companies operating in the aircraft maintenance market are focused on introducing next-gen aircraft maintenance solutions, such as predictive maintenance systems for executive jets, to gain a competitive edge in the market. Predictive maintenance systems for executive jets involve the use of advanced analytics and real-time monitoring to predict maintenance needs in advance, ensuring the aircraft’s optimal condition and reducing the risk of unexpected failures. For instance, in June 2023, Embraer Services & Support, a Brazil-based aerospace company, launched a next-generation version of its Aircraft Health Analysis and Diagnosis (AHEAD) system, which can help airlines and other customers monitor their aircraft for potential maintenance issues before they break or present critical problems. AHEAD provides digital predictive maintenance for Embraer’s Executive Jet (also called E-Jet) fleets. AHEAD integrates and analyzes trends from several systems such as engine parameters, pneumatics, hydraulics, landing gear, navigation, and instruments. The monitoring can detect anomalies and identify patterns that indicate potential issues and systems degradation and prescribe a timeline for addressing those issues.
The aircraft maintenance market report table of contents includes:
1. Executive Summary
2. Aircraft Maintenance Characteristics
3. Aircraft Maintenance Trends And Strategies
4. Aircraft Maintenance – Macro Economic Scenario
5. Global Aircraft Maintenance Size and Growth
…..
32. Global Aircraft Maintenance Competitive Benchmarking
33. Global Aircraft Maintenance Competitive Dashboard
34. Key Mergers And Acquisitions In The Aircraft Maintenance
35. Aircraft Maintenance Future Outlook and Potential Analysis
36. Appendix
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