Overview and Scope
Aircraft refurbishing refers to the process of replacing and maintaining an aircraft, which involves examination, overhaul, replacement, correction of flaws, and other adjustments. Refurbishing an aircraft’s interior entails modernizing, swapping out, and upgrading its interior components. Aircraft are frequently updated by owners to improve comfort, appearance, functionality, and resale value.
Sizing and Forecast
The aircraft refurbishing market size has grown strongly in recent years. It will grow from $5.95 billion in 2023 to $6.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to aging aircraft fleet, retrofitting for regulatory compliance, advancements in avionics, cabin comfort and passenger experience, fuel efficiency improvements, rising air travel demand.
The aircraft refurbishing market size is expected to see strong growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to demand for sustainable practices, integration of connectivity solutions, adoption of new seating configurations, enhanced safety features, economic factors and cost-effective solutions. Major trends in the forecast period include digitalization of cockpit and cabin, integration of sustainable materials, adoption of advanced cabin technologies, customization and personalization, digitalization in design and planning.
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Segmentation & Regional Insights
The aircraft refurbishing market covered in this report is segmented –
1) By Aircraft Type: Very Light Aircraft, Wide Body Aircraft, Narrow Body Aircraft, Large Body Aircraft, VIP Aircraft
2) By Fitting Type: Retrofit, IFEC (In-flight Entertainment & Connectivity), Passenger Seats
3) By Refurbishing Service: Interior, Exterior
4) By End User: Government, Commercial
North America was the largest region in the aircraft refurbishing market in 2023. The regions covered in the aircraft refurbishing 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
Growing air passenger traffic is expected to propel the growth of the aircraft refurbishing market going forward. Air passenger traffic refers to the volume of air passengers commuting; it comprises both domestic and international flight passengers of air carriers registered in the country. Aerospace refurbishment is necessary to maintain an aircraft’s full operational capability and safety for its crew, passengers, and anybody who works on it, as a result, increasing air passenger traffic increases the demand for the aircraft refurbishing market. For instance, in July 2022, according to the Airport Council International (ACI), a Canada-based organization for airport authorities, in 2021, 4.6 billion people travelled via airports worldwide, an increase of 28.3% from the previous year, and a record 125 million metric tons of freight were carried in the air. Therefore, the increase in air passenger traffic drives the aircraft refurbishing market.
Key Industry Players
Major companies operating in the aircraft refurbishing market report are Autotrade Aviation Private Limited, Diehl Stiftung & Co KG, Duncan Aviation Inc., Gulfstream Aerospace Corporation, Hong Kong Aircraft Engineering Company Limited, Jamco America Inc., Jet Aviation AG, MAC Aero Interiors Inc., Rose Aircraft Services Inc., Intech Aerospace Inc., Greenpoint Technologies LLC, Nextant Aerospace Inc., The Boeing Company, Bombardier Inc., Pemco Conversions Inc., Lufthansa Technik AG, Singapore Technologies Engineering Ltd, AAR Corp., SR Technics Switzerland Ltd, Dassault Falcon Jet Corporation, RUAG Holding AG, HAECO Group, Comlux Aviation Services LLC, Flying Colours Corporation, StandardAero Inc., Textron Aviation Inc., Deer Jet Co Ltd., Constant Aviation LLC, JCB Aerospace LLC, JET MS LLC, VIP Completions Ltd., Associated Air Center, Basel Aero AG, SIA Engineering Company, Jet Support Services Inc., AMAC Aerospace Inc., Elliott Aviation, Midcoast Aviation Inc., West Star Aviation Inc.
The aircraft refurbishing market report table of contents includes:
1. Executive Summary
2. Aircraft Refurbishing Market Characteristics
3. Aircraft Refurbishing Market Trends And Strategies
4. Aircraft Refurbishing Market – Macro Economic Scenario
5. Global Aircraft Refurbishing Market Size and Growth
…
31. Global Aircraft Refurbishing Market Competitive Benchmarking
32. Global Aircraft Refurbishing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aircraft Refurbishing Market
34.Aircraft Refurbishing Market Future Outlook and Potential Analysis
35. Appendix
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