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)
Market Introduction
The APAC is a diverse region that houses more than 4 billion population, and also comprises of dynamic economies that cumulatively generate 35% of the global GDP. The aviation industry in the region is widely a pivotal contributor to its social and economic development. In the year 2017, Asia Pacific surpassed North America in terms of the leading digital travel market. The growth of Asia has been primarily contributed by the wide range of income levels and rapidly growing middle class. This resulted in robust sales gain in fast-developing economies of the region, such as India and China. APAC is expected to be the region experiencing ample of opportunities for providers of aircraft MRO services. APAC has several growing economies, which is leading the growth with a wide variety of sectors, including aerospace, military & defense, technology, and others. Many emerging economies in the APAC region are attracting investment from the regulatory bodies to bring enhancement in their technologies. This would eventually propel the growth and adoption of advanced technologies to be integrated into aircraft. In the APAC region, numerous airlines such as Singapore Airlines and Malaysian Airlines are expanding their in-house maintenance facilities. In 2019, Pratt & Whitney, an aerospace company based in the US, added MRO capability for its geared turbofan PW100G-JM at its Eagle Services Asia facility in Singapore. This facility has been overhauling Pratt & Whitney’s GTF engines over a period of time. With the introduction of PW100G-JM engine, the facility is anticipated to surge in terms of revenues earned from different aircraft operators using PW100G-JM. 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.
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.
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Market Overview and Dynamics
The APAC aircraft MRO market is expected to grow from US$ 15.61 billion in 2021 to US$ 23.07 billion by 2028; it is estimated to grow at a CAGR of 5.7 % from 2021 to 2028. Escalating demand for MRO services is expected to surge the market growth. With the rapidly growing aviation industry from the past few years, the demand for airline MRO services is also increasing. Emerging economies across APAC region, are highly focused on extending MRO services to commercial as well as military aircraft companies. Major aircraft MRO businesses in APAC include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Heavy spending on aviation infrastructure, economic growth, and increase in passenger count are the factors propelling the adoption of aircraft maintenance services. Moreover, soaring number of middle-class travelers—especially in APAC countries, such as China, Singapore, and India—is the main factor contributing to air travel growth, which is consequently increasing the need for aircraft maintenance services in the region. The rest of the APAC countries, which include Singapore, Malaysia, Thailand, and others, produces a large amount of revenue from the aviation MRO market due to well-established MRO hubs. For instance, among the rest of APAC countries, Singapore dominates the region due to its established MRO hubs and major industry players such as GE Aviation, Airbus, and Rolls-Royce have substantial footprints in Singapore. According to Wisconsin Economic Development Corporation (WEDC), Singapore houses 120 aerospace companies, which have gathered one-quarter of the APAC’s MRO market. So, demand of MRO services will drive the APAC aircraft MRO market
Key Market Segments
In terms of component, the engine MRO segment accounted for the largest share of the APAC aircraft MRO market in 2020. In terms of aircraft type, the fixed wing aircraft segment held a larger market share of the APAC aircraft MRO market in 2020. Further, the commercial segment held a larger share of the APAC aircraft MRO market based on end-user in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC aircraft MRO market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AAR; Barnes Group Inc.; Collins Aerospace; Delta TechOps; FLTechnics, UAB.; GE Aviation; Lufthansa Technik; Rolls-Royce plc.; and Singapore Technologies Engineering Ltd.
Reasons to buy report
- To understand the APAC aircraft MRO market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC aircraft MRO market
- Efficiently plan M&A and partnership deals in APAC aircraft MRO market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC aircraft MRO market
- Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.
APAC Aircraft MRO Market Segmentation
APAC Aircraft MRO Market - By Component
- Engine MRO
- Avionics MRO
- Airframe MRO
- Cabin MRO
- Landing Gear MRO
- Others
APAC Aircraft MRO Market - By Aircraft Type
- Fixed Wing Aircraft
- Rotary Wing Aircraft
APAC Aircraft MRO Market - By End-User
- Commercial
- Military
APAC Aircraft MRO Market - By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Aircraft MRO Market - Company Profiles
- AAR
- Barnes Group Inc.
- Collins Aerospace
- Delta TechOps
- FLTechnics, UAB.
- GE Aviation
- Lufthansa Technik
- Rolls-Royce plc.
- Singapore Technologies Engineering Ltd
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Aircraft MRO Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Aircraft MRO Market – Key Market Dynamics
5.1 Drivers
5.1.1 Escalating Demand for MRO Services
5.1.2 Mounting Use of Digital Technology for MRO Industry
5.2 Restraints
5.2.1 Increasing Share of Original Equipment Manufacturers (OEMs) In the Aftermarket
5.3 Opportunities
5.3.1 Rising Deployment of Retrofitting Technologies for Improved Aircraft
5.4 Future Trends
5.4.1 Burgeoning Adoption of Blockchain Technology
5.5 Impact Analysis of Drivers and Restraints
6. Aircraft MRO Market – APAC Analysis
6.1 APAC Aircraft MRO Market Overview
6.2 APAC Aircraft MRO Market Revenue Forecast and Analysis
7. APAC Aircraft MRO Market Revenue and Forecast to 2028 – By Component
7.1 Overview
7.2 APAC Aircraft MRO Market Breakdown, by Component, 2020 and 2028
7.3 Engine MRO
7.3.1 Overview
7.3.2 Engine MRO Market Forecast and Analysis
7.4 Avionics MRO
7.4.1 Overview
7.4.2 Avionics MRO Market Forecast and Analysis
7.5 Airframe MRO
7.5.1 Overview
7.5.2 Airframe MRO Market Forecast and Analysis
7.6 Cabin MRO
7.6.1 Overview
7.6.2 Cabin MRO Market Forecast and Analysis
7.7 Landing Gear MRO
7.7.1 Overview
7.7.2 Landing Gear MRO Market Forecast and Analysis
7.8 Others
7.8.1 Overview
7.8.2 Others Market Forecast and Analysis
8. APAC Aircraft MRO Market Revenue and Forecast to 2028– By Aircraft Type
8.1 Overview
8.2 APAC Aircraft MRO Market Breakdown, by Aircraft Type, 2020 and 2028
8.3 Fixed Wing
8.3.1 Overview
8.3.2 Fixed Wing Market Forecast and Analysis
8.4 Rotary Wing
8.4.1 Overview
8.4.2 Rotary Wing Market Forecast and Analysis
9. APAC Aircraft MRO Market Revenue and Forecast to 2028– By End-User
9.1 Overview
9.2 APAC Aircraft MRO Market Breakdown, by End-User, 2020 and 2028
9.3 Commercial
9.3.1 Overview
9.3.2 Commercial Market Forecast and Analysis
9.4 Military
9.4.1 Overview
9.4.2 Military Market Forecast and Analysis
10. APAC Aircraft MRO Market – Country Analysis
10.1 Overview
10.1.1 APAC: Aircraft MRO Market, by Key Country
10.1.1.1 China: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.1.1 China: Aircraft MRO Market, by Component
10.1.1.1.2 China: Aircraft MRO Market, by Aircraft Type
10.1.1.1.3 China: Aircraft MRO Market, by End-User
10.1.1.2 Japan: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.2.1 Japan: Aircraft MRO Market, by Component
10.1.1.2.2 Japan: Aircraft MRO Market, by Aircraft Type
10.1.1.2.3 Japan: Aircraft MRO Market, by End-User
10.1.1.3 India: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.3.1 India: Aircraft MRO Market, by Component
10.1.1.3.2 India: Aircraft MRO Market, by Aircraft Type
10.1.1.3.3 India: Aircraft MRO Market, by End-User
10.1.1.4 South Korea: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.4.1 South Korea: Aircraft MRO Market, by Component
10.1.1.4.2 South Korea: Aircraft MRO Market, by Aircraft Type
10.1.1.4.3 South Korea: Aircraft MRO Market, by End-User
10.1.1.5 Australia: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.5.1 Australia: Aircraft MRO Market, by Component
10.1.1.5.2 Australia: Aircraft MRO Market, by Aircraft Type
10.1.1.5.3 Australia: Aircraft MRO Market, by End-User
10.1.1.6 Rest of APAC: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.6.1 Rest of APAC: Aircraft MRO Market, by Component
10.1.1.6.2 Rest of APAC: Aircraft MRO Market, by Aircraft Type
10.1.1.6.3 Rest of APAC: Aircraft MRO Market, by End-User
11. APAC Aircraft MRO Market - COVID-19 Impact Analysis
11.1 APAC: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
13.1 AAR
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Barnes Group Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 GE Aviation
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 FLTechnics, UAB.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Singapore Technologies Engineering Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Lufthansa Technik
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Delta TechOps
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Rolls-Royce plc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Collins Aerospace
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. APAC Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Table 2. APAC: Aircraft MRO Market, by Country – Revenue and Forecast to 2028 (US$ Billion)
Table 3. China: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 4. China: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 5. China: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 6. Japan: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 7. Japan: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 8. Japan: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 9. India: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 10. India: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 11. India: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 12. South Korea: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 13. South Korea: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 14. South Korea: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 15. Australia: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 16. Australia: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 17. Australia: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 18. Rest of APAC: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 19. Rest of APAC: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 20. Rest of APAC: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 21. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Aircraft MRO Market Segmentation
Figure 2. APAC Aircraft MRO Market Segmentation – By Country
Figure 3. APAC Aircraft MRO Market Overview
Figure 4. APAC Aircraft MRO Market, by Component
Figure 5. APAC Aircraft MRO Market, by Aircraft Type
Figure 6. APAC Aircraft MRO Market, by End-User
Figure 7. APAC Aircraft MRO Market, By Country
Figure 8. Porter’s Five Forces Analysis
Figure 9. APAC Aircraft MRO Market- Ecosystem Analysis
Figure 10. APAC Aircraft MRO Market Impact Analysis of Driver and Restraints
Figure 11. APAC Aircraft MRO Market Revenue Forecast and Analysis (US$ Billion)
Figure 12. APAC Aircraft MRO Market Breakdown, by Component, 2020 and 2028(%)
Figure 13. APAC Engine MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 14. APAC Avionics MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 15. APAC Airframe MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 16. APAC Cabin MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 17. APAC Landing Gear MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 18. APAC Others Market Revenue and Forecast to 2028 (US$ Bn)
Figure 19. APAC Aircraft MRO Market Breakdown, by Aircraft Type, 2020 and 2028 (%)
Figure 20. APAC Fixed Wing Market Revenue and Forecast to 2028 (US$ Bn)
Figure 21. APAC Rotary Wing Market Revenue and Forecast to 2028 (US$ Bn)
Figure 22. APAC Aircraft MRO Market Breakdown, by End-User, 2020 and 2028(%)
Figure 23. APAC Commercial Market Revenue and Forecast to 2028 (US$ Bn)
Figure 24. APAC Military Market Revenue and Forecast to 2028 (US$ Bn)
Figure 25. APAC: Aircraft MRO Market, by Key Country – Revenue (2020) (USD Billion)
Figure 26. APAC: Aircraft MRO Market Revenue Share, by Key Country (2020 and 2028)
Figure 27. China: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 28. Japan: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 29. India: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 30. South Korea: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 31. Australia: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 32. Rest of APAC: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 33. Impact of COVID-19 Pandemic in APAC Country Markets
- AAR
- Barnes Group Inc.
- Collins Aerospace
- Delta TechOps
- FLTechnics, UAB.
- GE Aviation
- Lufthansa Technik
- Rolls-Royce plc.
- Singapore Technologies Engineering Ltd
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC aircraft MRO market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in APAC aircraft MRO market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the aircraft MRO market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution