The noteworthy companies in the aircraft aftermarket parts market are AAR (US), J. Walter Aviation Limited (UK), Aviall (US), Eaton (Ireland), General Electric (US), Honeywell International Inc. (US), Meggitt PLC (England), Parker Hannifin Corporation (US), Collins Aerospace (US), and Kellstrom Aerospace (US).
Aircraft Aftermarket Parts Market is anticipated to record a 7.63% CAGR during the forecast period spanning 2017 to 2023.
The development of airlines to meet the rise in the number of travelers in various regional markets is expected to result in the presence of a large fleet, providing opportunities for the aviation components business. The presence of aging fleets of numerous airlines throughout the world is expected to boost demand for airplane components in the predicted period. In the projected period, the availability of parts on e-commerce platforms is expected to contribute to the growth of the commercial aircraft aftermarket parts market.
The growing number of aircraft fleets throughout the world has a big impact on aviation aftermarket services. Aircraft PMO components specialize on program management, allowing operational units to focus on important tasks in the period allotted and in accordance with end-user requirements. The increase in demand for new aircraft will help to fuel need for maintenance, repair, and overhaul (MRO), which will drive demand for the aftermarket sector even higher in the coming years.
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The increased demand for commercial aircraft aftermarket components from airlines and aftermarket service providers has resulted in major difficulties with part accessibility and availability. This has compelled businesses to incorporate modern technology such as big data into their operations. Companies may utilize big data to simplify operational operations, create cost-effective predictive maintenance techniques, and expand their supply chain management to remote sites.
Advanced sensors are installed on next-generation aircraft to gather and analyze real-time data from the aircraft. The information obtained is then utilized to improve the predictive maintenance algorithms and modeling procedures. Furthermore, the digitalization of the MRO process has enhanced the visibility of aftermarket components and systems for aircraft. Thus, the use of modern technologies in the provision of aftermarket parts, such as big data and process digitalization, has aided firms in understanding the unpredictability of airline orders and, as a result, in making strategic decisions. During the projected period, such factors will drive the worldwide aviation PMO parts market forward.
The FAA's stringent standards governing aftermarket components are expected to impose limits on the aviation spare parts industry in the near future. In the forecast year, the cost of import tariffs on aircraft spare parts is expected to slow the global aircraft aftermarket parts market.
The worldwide aftermarket parts market has been divided into two categories: aircraft types and parts. The market is divided into consumable, expendable, rotatable scrap replacement parts, and MRO parts based on the sector of parts.
The global market for aircraft aftermarket components is divided into commercial and military segments based on the type of aircraft.
In terms of aviation MRO, fleet, and aftermarket components, North America is a well-established market. As a result, the commercial aviation aftermarket parts market is expected to grow in tandem with increased aircraft demand. The United States is the region's only major market for aviation aftermarket parts, and it has widely accepted the usage of aircraft aftermarket PMA parts alongside aftermarket OEM parts.
The market share of the Asia-Pacific region in the commercial aircraft aftermarket parts industry. During the projected period, the area is also expected to have the fastest growth rate. Simultaneously, as more aircraft undergo maintenance and part replacements, the need for aftermarket parts is projected to rise in the area. With Asia-rising Pacific's need for aftermarket components, numerous key companies in the industry have recently boosted their cooperation with Asian consumers.
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