Aircraft Aftermarket Parts Market Research Report 2019 by Size, Share, Trend, Global Analysis, Future Strategic Planning, Sales and Consumption by Forecast to 2023

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Aircraft Aftermarket Parts Market: Information by Parts (MRO Parts, Rotable Scrap Replacement Parts, Consumable, Expendable), Application (Commercial and Military), Region (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America)—Forecast till 2023,MRFR offering latest research report on Aircraft Aftermarket Parts industry research report offering market value, size, share, trend by MRFR

The increasing fleet of aging military aircraft and commercial aircraft fleets are some of the key drivers for the global aircraft aftermarket parts market growth over the forecast period. increasing spending on MRO facilities is likely to create a vast scope of opportunities for market players in all regions. Factors such as the shifting focus on research and the rising number of retired aircraft are expected to fuel the market growth in the assessment period.

Key Players

The key players identified in the global aftermarket parts market by MRFR are AAR (US), Eaton (Ireland), A.J. Walter Aviation Limited (UK), Aviall (US), General Electric (US), Honeywell International Inc. (US), Parker Hannifin Corporation (US), Meggitt PLC (England), Collins Aerospace (US), and Kellstrom Aerospace (US).

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Segmental Analysis

The global market for aircraft aftermarket parts has been segmented on the basis of parts, application, and region.

Based on the parts, the global aircraft aftermarket parts market has been classified as consumable, rotatable scrap replacement parts, MRO parts, and expendable. The MRO parts segment is expected to be the largest while the rotatable scrap replacement parts segment is estimated to be the fastest-growing during the forecast period, owing to the demand and revenue generation from these segments.

On the basis of the application, the aircraft aftermarket parts market has been segmented into commercial and military. The commercial segment is anticipated to be relatively larger, and the military segment is likely to register the higher CAGR during the review period.

Regional Analysis

The global market for aircraft aftermarket parts is segmented on the basis of region, into Asia Pacific, Europe, North America, and the rest of the world (Including Latin America and the Middle East and Africa).

North America is identified as the largest region in terms of value, globally, and is anticipated to account for the most significant market share over the review period. This is accredited to the early adoption of technological advancements in the region, which has led to a developed aviation sector in the region. Thus, there are significant market players present in the region, and the accessibility of funds, government support towards research and development activities, among others, offer positive factors for the growth of the global aircraft aftermarket parts market over the forecast period.

The European aircraft aftermarket parts market has been assessed as the second largest region globally, in terms of value. It is likely to retain this significant market standing over the review period. This is attributed o the growing aircraft up-gradation projects being undertaken in developing countries such as Germany and France. This factor is expected to contribute substantially towards the market growth over the review period.

The Asia Pacific region is also one of the major regions in terms of value in the global market for aircraft aftermarket parts and is expected to record a substantial growth rate over the review period. There are many budding nations in the Asia Pacific, which leads to a vast scope of growth opportunities over the review period. The positively changing economic scenarios of the emerging countries such as India, China, Singapore, Japan, and Thailand, among others, has led to the adoption of superior quality small and medium wide-body aircraft.

The increasing per capita disposable income of consumers has also increased air travel. furthermore, the low labor rates in this region have led to urbanized countries of North America and Europe to outsource their heavy maintenance and airframe MRO projects to Asian countries, which offers another foremost source of revenue. These factors are poised to continue to drive the aircraft aftermarket parts market in the Asia Pacific over the review period.

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