Report : Asia-Pacific Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Others), Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft), and End-User (Commercial and Military)
Commercial Segment to Dominate APAC Aircraft MRO Market during 2020–2028
According to a new market research study on “APAC Aircraft MRO Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Aircraft Type, and End-User” is expected to reach US$ 23.07 billion by 2028 from US$ 15.61 billion in 2021. The market is estimated to grow at a CAGR of 5.7 % from 2021 to 2028. The report provides trends prevailing in the APAC aircraft MRO market along with the drivers and restraints pertaining to the market growth. Rising deployment of retrofitting technologies for improved aircraft and burgeoning adoption of blockchain technology are the major factor driving the growth of the APAC aircraft MRO market. However, increasing share of original equipment manufacturers (OEMs) in the aftermarket hinders the growth of APAC aircraft MRO market.
In case of COVID-19, APAC is highly affected specially India. Several other countries such as Japan and Southeast Asian countries are also combating the virus, which is a critical factor slowing the growth of the aircraft MRO market in the region. The aircraft maintenance service providers are observing noteworthy downfall in respective businesses, which is directly attributed to the lesser demand for the same among various end users, including airline operators. The outbreak has substantially disrupted the aircraft MRO services in the region, which had a negative impact on the market. The recovery period is expected to be faster than other regions, as several countries are anticipated to gain new airports in the coming years and governments of various countries, including China, are taking various initiatives to reduce the losses from the aviation industry. Several airlines in the region have retired their wide-body jets and narrow-body jets, which were prime customers of aftermarket products and services. This factor is anticipated to inhibit the aircraft MRO market for the next few months. For instance, Qantas retired its Boeing B747 in mid-2020 to cope with the COVID-19 pandemic's financial pressure. Similarly, Singapore Airlines sent a few of the Airbus A380 fleet for long-term storage for a similar reason. Thus, the retirement and long-term storage of wide-body jets is creating tremors in the aircraft MRO market.
The APAC aircraft MRO market has been segmented on the basis on component, aircraft type, end-user, and country. Based on component, the market has been segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment dominated the APAC aircraft MRO market in 2020 and is also expected to be fastest growing during forecast period. The market by aircraft type has been bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment dominated the APAC aircraft MRO market in 2020 and rotary wing aircraft segment is expected to be fastest growing during forecast period. Further, based on end-user, it has been categorized into commercial and military. The commercial segment dominated the APAC aircraft MRO market in 2020 and is also expected to be fastest growing during forecast period.
AAR; Barnes Group Inc.; Collins Aerospace; Delta TechOps; FLTechnics, UAB.; GE Aviation; Lufthansa Technik; Rolls-Royce plc.; and Singapore Technologies Engineering Ltd are among the leading companies in the APAC aircraft MRO market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, AAR announced the integration of Donecle drone technology into its MRO operations. The new drone technology would empower the company to perform a visual inspection of B737 and A320 aircraft in under an hour.
The report segments the APAC Aircraft MRO Market as follows:
APAC Aircraft MRO Market – By Component
- Engine MRO
- Avionics MRO
- Airframe MRO
- Cabin MRO
- Landing Gear MRO
APAC Aircraft MRO Market – By Aircraft Type
- Fixed Wing Aircraft
- Rotary Wing Aircraft
APAC Aircraft MRO Market – By End-User
APAC Aircraft MRO Market – By Country
- South Korea
- Rest of APAC
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