Report : South America Aircraft Engine MRO Market Forecast to 2028 – COVID-19 Impact and Analysis – by Engine (Turbine Engine and Piston Engine), Application (Commercial, General, and Military), and Aircraft Type (Fixed Wing and Rotary Wing)
At 3.0% CAGR, the South America aircraft engine MRO market is speculated to be worth US$ 1.29 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America aircraft engine MRO market was valued at US$ 1.09 billion in 2022 and is expected to reach US$ 1.29 billion by 2028, registering an annual growth rate of 3.0% from 2022 to 2028. Expected future delivery of aircraft and increasing demand for fuel–efficient aircraft are the critical factors attributed to the market expansion.
With the increase in air traffic and aircraft demand, air carriers are boosting their aircraft delivery. The demand for new airlines is not just coming from existing aircraft re-establishing their fleet but also from new low–cost aircraft entering the market. A repressed interest of leisure travelers being more cost-sensitive post-pandemic, decreased interest for business travel, and the adaptability of the minimal expense aircraft plan of action are surging the demand for MRO services. Boeing will deliver more than 49000 airplanes by 2040. Airbus expects more than 39000 airlines in 20 years, from 2020 to 2040. From January to March 2022, Boeing delivered 41 jets, three 767s, one 777F, and 37 737s (35 MAX/2 NG). The narrow-body aircraft is gaining significant popularity nowadays. The share of narrow-body aircraft fleet rose, as the attractive seat mile efficiency and the improved-range capacity have made the aircraft the preference of cost-efficient carriers. The increasing sale of the A321LR, which was flying even during the pandemic, is expected to bring lucrative opportunities for the aircraft engine MRO market in the coming years.
On the contrary, suspension of older aircraft fleets hurdles the growth of South America aircraft engine MRO market.
Based on engine, the South America aircraft engine MRO market is bifurcated into a turbine engine and piston engine. The turbine engine held 81.6% market share in 2022, amassing US$ 0.89 billion. It is projected to garner US$ 1.07 billion by 2028 to expand at 3.3% CAGR during 2022–2028.
The turbine engine segment is further sub-segmented into turboprop engine, turbofan engine, and turboshaft engine. The turbofan engine held 74.1% market share in 2022, amassing US$ 0.66 billion. It is projected to garner US$ 0.78 billion by 2028 to expand at 2.9% CAGR during 2022–2028.
On the basis of application, the South America aircraft engine MRO market is segmented into commercial, general, and military. With 66.4% share of the domain, the commercial segment dominated the market in 2022. It accrued US$ 0.72 billion in 2022 and is estimated to generate US$ 0.85 billion by 2028 to grow at a CAGR of 2.8% over the forecast period.
On the basis of aircraft type, the South America aircraft engine MRO market is categorized into fixed wing and rotary wing. With 79.0% share of the domain, the fixed wing segment dominated the market in 2022. It accrued US$ 0.86 billion in 2022 and is estimated to generate US$ 1.00 billion by 2028 to grow at a CAGR of 2.6% over the forecast period.
Based on country, the South America aircraft engine MRO market is categorizsed into Brazil and the rest of South America. Our regional analysis states that Brazil captured 78.1% market share in 2022. It was assessed at US$ 0.85 billion in 2022 and is likely to hit US$ 1.02 billion by 2028, exhibiting a CAGR of 3.2% during the forecast period.
Key players dominating the South America aircraft engine MRO market are CFM International, Delta Air Line, GE Aviation, Lufthansa Technik, MTU Aero Engines AG, Raytheon Technologies Corporation, Rolls-Royce plc, and Safran.
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