Aircraft aftermarket parts are mostly used in maintenance activity on an aircraft during maintenance and servicing (after manufacturing). Aircrafts are required to be maintained and repaired at regular intervals, owing to passenger’s safety and government strict regulations towards the same
Growing aviation industry is a major factor supporting the market growth of the commercial aircraft aftermarket parts.
Asia-Pacific to witness high growth in the aviation industry
The Asia-Pacific region is expected to drive the highest growth, if compared to other geographies at global level. The growth witnessed is supported by a combination of rapidly growing middle-class group in region, continued robust economic growth, and improvement in demographic profiles.
Considering detailed analysis, China will replace the US from 1st position in the world aviation market by mid 2020s. India will surpass UK from the 3rd position by 2024, whereas, Indonesia is forecasted to be at 4th position by 2030— a jump from 10th position in world’s largest aviation market. On the other hand, Thailand is expected to make place in top 10 ranking of the markets by 2030 and can replace Italy by dropping it from the top 10 list of world’s largest aviation market.
Hence, the growth in the APAC aviation industry will support the commercial aircraft aftermarket parts, as aviation industry is a parent industry for the currently studied market. Also, increasing average age of commercial aircrafts is supporting the market growth in long-term. The requirement for timely maintenance, repair and overhaul (MRO) services is also propelling the market growth over the forecast period. The stringent government regulations, such as by Environmental Protection Agency (EPA) related to safety and efficient aircraft operation support airline operators for proper repair and maintenance of commercial aircrafts.
Competitive Landscape of the global commercial aircraft aftermarket parts market
The major key players profiled in the commercial aircraft aftermarket parts research study report include A J Walter Aviation Limited, Atlantis Systems Corp., Aventure International Aviation Services, B/E Aerospace, Inc., BF Goodrich, General Electric Company, Honeywell International, LKD Aerospace, Pratt & Whitney and Rockwell Collins among others. These market players are continuously involved in taking strategic initiatives, which include product launch as their major competitive strategy. With technological advancements, companies are introducing innovative customized products to cater the increasing demand from customers.
Market players are also adopting other strategies to cater the market share in the long-term, that include mergers and acquisitions, joint venture, collaborations, partnerships, agreements and others. Strategies like acquisition enable key players to boost their market potential in terms of expansion of customer base and geographic expansion.
Some of the examples related to various market strategies adopted by the market players are as follows:
In April, 2019: BASF and AAR entered into an agreement to the provide Deoxo ozone and ozone/ Volatile Organic Compounds (VOC) converters for crew and passengers. The collaboration of market players is from the view point to improve airplane cabin air quality for the health of passengers and crew members from the side effects of ozone—which is present at high altitudes.
In March, 2019: AJW Group announced the new contract with Latvian Charter Airline (SmartLynx Airlines). The agreement cover the supply of expendables and consumables for SmartLynx Airlines.