Increase in operations in commercial aviation and surge in demand from emerging countries have boosted the growth of the global aircraft refurbishing market.
PORTLAND, Ore., Oct. 12, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Aircraft Refurbishing Market by Refurbishing Service (Interior, Exterior), by Aircraft Type (Very light aircraft, Wide body aircraft, Narrow body aircraft, Large body aircraft, VIP aircraft), by Type (Passenger to freighter, Commercial Aircraft Cabin, VIP Cabin Refurbishing), by End Use (Government, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global aircraft refurbishing industry was pegged at $456.7 million in 2021, and is expected to reach $932.5 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
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Major determinants of the market growth
Increase in operations in commercial aviation and surge in demand from emerging countries have boosted the growth of the global aircraft refurbishing market. However, increase in production and deliveries of new aircraft and high maintenance cost of refurbishing hinder the market growth. On the contrary, increase in air travel activities & air traffic and surge in demand for premium cabins would open lucrative opportunities in the future.
Covid-19 Scenario:
- The Covid-19 outbreak forced governments to impose strict lockdowns across the countries and restrictions on import-expert of non-essential materials.
- Governments across the globe implemented social distancing regulations to curb the spread of the virus. This led to decline in global demand for traveling and negatively affected the aviation industry.
- The demand for air travel post-pandemic is expected to increase, which is expected to create immense opportunities in the aircraft refurbishing market.
The exterior segment to manifest the highest CAGR through 2031
By refurbishing service, the exterior segment is estimated to portray the highest CAGR of 7.6% during the forecast period, due to increase in investment for technological advancements in aircraft systems and lightweight & fuel-efficient aircraft. However, the interior segment held the largest share in 2021, accounting for more than three-fifths of the global aircraft refurbishing market, owing to increase in demand for refurbishment of interior parts to enhance the aesthetics and provide better safety, and optimize the space.
The wide body aircraft segment dominated the market
By aircraft type, the wide body aircraft segment held the largest share in 2021, contributing to more than two-fifths of the global aircraft refurbishing market. In addition, the segment is projected to manifest the highest CAGR of 7.8% during the forecast period, owing to rise in use of wide-body aircraft for passenger transport. The report includes an analysis of the very light aircraft, narrow body aircraft, large body aircraft, and VIP aircraft segments.
The passenger to freighter segment held the largest share
By type, the passenger to freighter segment dominated the market in 2021 in terms of revenue, accounting for more than two-fifths of the global aircraft refurbishing market, due to increase in use of P2F conversions to extend the lifespan of passenger jets. However, the VIP cabin refurbishing segment is expected to showcase the highest CAGR of 8.0% during the forecast period, owing to increase in demand for aircraft refurbishment of the cabin including luxurious bedrooms, bathroom, private offices, lounge, and surge in need for maintenance & repair of aircraft.
The commercial segment to showcase the highest CAGR through 2031
By end use, the commercial segment is expected to register the highest CAGR of 7.6% during the forecast period. In addition, the segment held the largest share in 2021, contributing to more than half of the global aircraft refurbishing market, due to surge in investment in high-performing aircraft and increase in demand for safety, & comfort for customers.
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Asia-Pacific held the lion’s share
By region, the market Asia-Pacific held the largest share in 2021, accounting for more than one-third of the market. In addition, the region is expected to register the highest CAGR of 7.9% during the forecast period, owing to supportive government initiatives in the aviation sector, rise in commercial aircraft fleet & air traffic. The report includes an analysis of the global aircraft refurbishing market across North America, LAMEA, and Europe.
Major market player
- AFI KLM E&M
- B/E Aerospace
- Diehl Shiftung & Co. KG
- Gulfstream Aerospace Ltd.
- Hong Kong Aircraft Engineering Co. Ltd.
- Jamco America Inc.
- Jet Aviation AG
- Lufthansa Technik
- Nextant Aerospace
- Raytheon Technologies
- Rose Aircraft Services
- Sabreliner Aviation LLC
- Safran SA
- SIA Engineering Co. Ltd.
- Timco Aviation Services
- Zodiac Aerospace, Inc.
The report analyzes these key players in the global aircraft refurbishing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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