According to a new report published by Allied Market Research, titled, “Aircraft Refurbishing Market,” The global aircraft refurbishing market was valued at $456.7 million in 2021, and is projected to reach $932.5 million by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
In 2021, Asia-Pacific dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. Initiatives taken by the governments toward the modernization of aviation sector and rise in air traffic in the region are expected to propel the growth of the aircraft refurbishing market during the forecast period.
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The aircraft refurbishing market is segmented on the basis of refurbishing service, aircraft type, type, end use, and region. The refurbishing service segment is bifurcated into interior and exterior. By aircraft type, the market is classified into very light aircraft, wide body aircraft, narrow body aircraft, large body aircraft, and VIP aircraft. On the basis of type, it is divided into passenger to freighter, commercial aircraft cabin, and VIP cabin refurbishing. By end use, it is categorized into line government and commercial. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 Impact Analysis
- The COVID-19 impact on the Aircraft Refurbishing market is unpredictable, and is expected to remain in force for a few years.
- The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for aircraft components.
- As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the market for Aircraft Refurbishing market in 2020.
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- Governments across the globe implemented strict lockdowns and made social distancing mandatory to prevent the spread of the COVID-19 virus. Consequently, several organizations began work from home programs as precautionary measure. This led to a sudden decline in global demand for traveling, which has affected the aviation industry.
KEY FINDINGS OF THE STUDY
- By refurbishing service, the exterior based segment is expected to register a significant growth during the forecast period.
- By aircraft type, the wide body aircraft segment is expected to register a significant growth during the forecast period.
- By type, the VIP cabin refurbishing segment is projected to lead the global Aircraft Refurbishing market
- By end use, the commercial segment is projected to lead the global Aircraft Refurbishing market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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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.
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Aircraft Leasing & Rental Market by Service, by Aircraft Type, and by Service Type, Research Report 2020–2031
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