Overview and Scope
The aircraft maintenance, repair, and overhauling services refer to maintain, repair, and overhaul services of aircraft, including helicopters, gliders, drones, aircraft turbines, aircraft engines, and rocket engines. The aircraft maintenance, repair, and overhauling services market includes sales of spare parts to end consumers by aircraft MRO providers that are used during the aircraft MRO activities.
Sizing and Forecast
The aircraft maintenance, repair and overhauling services market size has grown strongly in recent years. It will grow from <b>$78.92 billion in 2023 to $84.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. </b> The growth in the historic period can be attributed to aging aircraft fleet, regulatory compliance, air travel growth, global economic conditions.
The aircraft maintenance, repair and overhauling services market size is expected to see strong growth in the next few years. It will grow to <b>$109.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. </b> The growth in the forecast period can be attributed to fleet expansion, sustainability initiatives, defense and military mro, new aircraft technologies, market consolidation. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Segmentation & Regional Insights
The aircraft maintenance, repair and overhauling services market covered in this report is segmented –
1) By Type: Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services
2) By Aircraft Division: Engine, Cabin Interior, Airframe, Avionics, Others
3) By Size: Wide-Body, Narrow-Body, Regional, Others
4) By Service Type: Annual Maintenance Contract, Individual Works, Others
<b>Asia-Pacific</b> was the largest region in the aircraft maintenance, repair and overhauling services market in 2023. <b>Eastern Europe</b> is expected to be the fastest growing region. The regions covered in the aircraft maintenance, repair and overhauling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing demand for commercial aircraft is expected to propel the growth of the aircraft maintenance, repair, and overhauling services market going forward. A commercial aircraft is a type of aircraft designed and used for transporting passengers or cargo for profit or business purposes. Aircraft maintenance, repair, and overhaul (MRO) services are critical for commercial aircraft to ensure their safety and airworthiness. MRO is an aircraft maintenance facility capable of performing required maintenance or inspections. For instance, in January 2023, according to Airbus SE, a Netherlands-based aerospace corporation, the company delivered 661 commercial aircraft to 84 customers in 2022, representing an increase of 8% from the 611 units sold in 2021. Therefore, growing demand for commercial aircraft is driving the growth of the aircraft maintenance, repair, and overhauling services market.
Key Industry Players
Major companies operating in the aircraft maintenance, repair and overhauling services market include <b> Lockheed Martin Corporation, Airbus Group SE, The Boeing Company, Leonardo SpA, Bae Systems plc, Allen Aircraft Radio Corp, Aeroman Inc., Air France Industries-KLM Engineering & Maintenance, British Airways Engineering Services Ltd., Etihad Airways Engineering LLC, General Electric Aircraft Engines, Korean Air Lines Co Ltd., Lufthansa Technik Aktiengesellschaft, Safran Aerosystems., Raytheon Technologies Corporation, SIA Engineering Company Ltd., TAP Maintenance & Engineering, Singapore Technologies Engineering Ltd., MTU Aero Engines AG, Rolls-Royce Holdings plc, Air India Engineering Services Ltd., Emirates Engineering Construction Pvt Ltd., StandardAero Aviation Holdings Inc., Air France Industries-KLM Engineering & Maintenance, Avia Solutions Group PLC, Garuda Indonesia Tbk, Delta Air Lines Inc., Hong Kong Aircraft Engineering Co Ltd., Air Works India pvt Ltd., AJW China Co Ltd., Gama Aviation Ltd.</b>
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