Report : North America Commercial Aircraft Tooling Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Tool Type (Speed Handle, Wrenches, Safety Wire Pliers, Vibration Meters, Metal Working Tools, NDT Tools, and Others), Users (MRO Service Providers and Airline Operator), and Application (Engine, Airframe, Landing Gear, Line Maintenance, and Others)
The Speed Handle Segment to Dominate North America Commercial Aircraft Maintenance Tooling Market during 2021-2028
According to a new market research study on “North America Commercial Aircraft Maintenance Tooling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Tool Type, Users Application, and Country,” is expected to reach US$ 459.50 million by 2028 from US$ 302.34 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the North America commercial aircraft maintenance tooling market along with the drivers and restraints pertaining to the market growth. Surge in number of aircraft MRO hangars and rise in demand for vibration meters are major factors driving the growth of the North America commercial aircraft maintenance tooling market. However, shortage of skilled laborers may hinder the growth of North America commercial aircraft maintenance tooling market.
The civil aviation industry across the region experienced dramatic changes after the advent of COVID-19. According to the Bureau of Transportation Statistics (BTS) US, domestic air travel across the US experienced a 97% decrease in passenger revenue between February and April 2020. The Canadian and Mexican aviation industries experience similar trends. This impacted the civil aviation manufacturers leading to a decline in the demand for commercial aircraft from the region. The supply chain of several maintenance-related tools and machinery was also impacted due to a significantly lower volume of aircraft movement. This impacted the commercial aircraft maintenance tooling market heavily. In addition, the aircraft manufacturers observed a drop in demand for newer aircraft fleet, cancelation or rescheduling of aircraft orders and delivery, shortage of laborers, and other factors that hampered their businesses and ability to deliver substantial volumes of new aircraft fleet. The decline in new aircraft delivery highlighted a limited number of aircraft fleet at the Maintenance, Repair and Overhaul (MRO) facilities, which reduced the demand for newer and aircraft OEM specific tools and machinery among the MRO facilities. This ultimately led to a decline in revenues in the commercial aircraft maintenance tooling market.
The market for North America commercial aircraft maintenance tooling is segmented into tool type, users, application, and country. Based on tool type, the market is further segmented into speed handle, wrenches, safety wire pliers, vibration meters, metal working tools, NDT tools, and others. In 2020, the speed handle segment held the largest share in North America commercial aircraft maintenance tooling market. Based on users, the North America commercial aircraft maintenance tooling market is divided into MRO service providers and airline operator. The MRO service providers segment is expected to be the fastest growing segment over the forecast period. Based on application, the market is categorized into engine, airframe, landing gear, line maintenance, and others. In 2020, the airframe segment held the largest share in North America commercial aircraft maintenance tooling market. Based on country, the North America commercial aircraft maintenance tooling market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America commercial aircraft maintenance tooling market. Furthermore, in this present scenario of COVID 19 pandemic, the North America commercial aircraft maintenance tooling market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for commercial aircraft maintenance tooling.
HYDRO SYSTEMS KG; Red Box Aviation.; Stanley Black & Decker, Inc.; STAHLWILLE Eduard Wille GmbH & Co. KG; Field International Group Limited; Henchman Products; Dedienne Aerospace; Tronair Inc. and Snap-On Incorporated are some of the leading companies in the North America commercial aircraft maintenance tooling market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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