Latin America commercial aircraft MRO market is estimated to witness a CAGR of 4.9% through 2026
Selbyville, DE -- (SBWIRE) -- 04/30/2020 -- Asia Pacific will likely dominate global commercial aircraft MRO market with a revenue share of more than 27% during the projected timeframe. Robust expansion of the tourism sector along with a growing introduction of low-cost carriers is driving the regional growth. Strong presence of multiple airlines in the region operating over a wide range of flight routes across major countries will further augment APAC commercial aircraft MRO industry share.
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Latin America commercial aircraft MRO market is estimated to witness a CAGR of 4.9% through 2026. This can be mainly associated with proliferation of the tourism sector along with a substantial rise in air passenger travel.
Commercial Aircraft MRO Market Key Companies: - AAR Corporation, Air France Industries KLM Engineering & Maintenance, Airbus SAS, Boeing Company, Bombardier Inc., Delta TechOps, Embraer S.A., GE Aviation, General Dynamics Corp., Honeywell Aerospace, Hong Kong Aircraft Engineering Company (HAECO) Ltd, Lufthansa Technik AG, MTU Aero Engines AG, Rolls-Royce plc, Safran SA
Global commercial aircraft MRO market is slated to experience dramatic growth in the forthcoming years. Rapid expansion of business in the commercial aviation sector has increased the demand for maintenance, repair, and overhaul (MRO) services. MRO refers to the repair, inspection, or service of an aircraft or an aircraft component. MRO services play a critical role in the aviation industry to ensure safety and correct working order of aircrafts as per the international standards.
In recent years, there has been a substantial increase in the number of air passengers. Increasing incomes and consumer spending are anticipated to catapult air travel to record levels, fueling the growth of commercial aviation sector. The International Air Transport Association (IATA) forecasts that the number of air passengers will rise by more than double by 2037, reaching 8.2 billion. The aforementioned factors will undeniably boost commercial aircraft MRO market forecast.
Based on MRO services, the market is segmented into airframe, modification, line, components, and engine. Airframe segment is projected to witness a healthy CAGR of 6.6% through 2026. This growth can be largely associated with the introduction of stringent regulatory norms to ensure safety and airworthiness of aircrafts.
Line commercial aircraft MRO market is expected to capture more than 15% revenue share by the end of the forecast timeframe. The need to run routine and light maintenance checks to ensure the aircraft is ready for regular flight is driving the segment growth. Additionally, the segment deals with the defect rectification, component replacement, overnight maintenance, and troubleshooting to ensure there are not delays in aircraft schedules, fostering commercial aircraft MRO business expansion.
According to platform, commercial aircraft MRO market is divided into narrowbody, widebody, regional jet, and turboprop. Narrowbody aircrafts segment is estimated to dominate the market with more than 50% revenue share during the study period. Major factors influencing this growth are new aircraft launches and an escalating demand for low-cost carriers.
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Turboprops segment is projected to capture over 10% share in global commercial aircraft MRO market by the forecast year. Turboprops are best-suited for-short distance air travel and preferable for landing and taking-off from small airports with short runway lengths. The segment growth will be also driven by reduced airfares for passengers along with lower acquisition costs compared to conventional narrow-body aircrafts.
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