Global Aircraft MRO Market Dynamics, Growth and Forecast Report (2024-2032) | UnivDatos
According to a new report by UnivDatos, Aircraft MRO are expected to reach USD Million in 2032 by growing at a CAGR of 3.92%. The rising demand for Aircraft MRO is due to the key factor that has contributed to the growth is the demand for commercial aircraft in the developing regions for budget airlines services as well as rising investment on new airport infrastructure.
Growing Demand:
In recent years, the demand for airlines services especially in the developing countries such Saudi Arabia, Singapore, China, India, etc., have propelled the demand for increasing MRO services across the globe. As the demand for commercial jets are rising there is a pressing need to expand the existing infrastructure including runways, terminals and hangers to be increased. Considering these shifts the demand for MRO services is further anticipated to rise. For instance, In another instance, the government of Brazil announced in January, 2024, that it would build 120 new airports by the year 2026. These new projects being built in the developing countries on a large scale would contribute to the development of airports in many of the new cities thereby, improving the market for low-cost carriers in the forecasted years.
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Additionally, the influx of tourists across the globe has also surged significantly due to the revival of economic activities after the COVID-19 pandemic. According to the UK Tourism Statistics the total visitors in UK were 15.6 million in the year 2022, up from 11.1 million in 2020. Additionally, the total tourist arrival in Britain is anticipated to be 35.1 million in the year 2023. This massive surge in the tourists in the country would be a crucial growth factor.
The demand for commercial aviation as well as the rising investment towards the development of airport and other infrastructure would be a key factor for the growth of Aircraft MRO market during 2024-2032.
Rising Demand for Budget Airlines Services to Fuel the Demand for New Commercial Aircrafts:
Fast-growing economies with a massive middle-class population are looking for budget air travel services. Owning to this factor a large number of low-cost carrier companies have emerged in the region offering budget airlines services for both domestic and international air travel in countries as India, China, Thailand, Indonesia, etc. Some of the countries where budget airlines holds a sizeable share in airline services are Southeast Asia, and South Asia region, where countries such as India, Indonesia, Thailand, Malaysia, Philippines hold 74%, 63%, 57%, 51%, and 58%, respectively which is above 50% of total passenger flying. The respective share is further anticipated to increase in the coming years as middle-class income is burgeoning which would fuel to the demand for budget airlines services. In line with this many of the budget airlines have announced their plans to invest in adding new aircraft in the fleet in the coming years.
Considering the increasing number of Low-cost carriers across the globe the demand for aircraft MRO activities would surge in the forthcoming years i.e., 2024-2032.
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Technological Innovation:
Many of the companies are also shifting towards electric aircraft in order to further increase efficiency. As electric aircraft offer better fuel efficiency and sustainable aerial transportation, many of the manufacturers have aligned their offerings towards electric Aircraft manufacturing. These electric aircraft with two to four seats are being used as air taxis for intercity transportation. The segment has exhibited rapid growth among buyers looking to escape city traffic to reach their destinations. For instance, SaxonAir announced the launch of its first certified electric aircraft, the Pipistrel Velis Electro. The aircraft comprises two seats and is better suited for short-distance travel.
Apart from this many of the intercity aviation service providers have planned to launch services in developing countries to expand the presence of electric aircraft. In 2024, Archer Aviation, backed by Stellantis and Boeing announced to start its air taxi trials in India by 2026. The aircraft would be able to carry one pilot and four passengers to 161 km in 7 minutes for USD36-USD48 per trip.
Considering the integration of electric powertrains, the demand for Aircraft MRO services would significantly improve in the segment and is anticipated to promote the market share in the coming years.
Conclusion:
In conclusion, the Global Aircraft MRO market is poised for continued growth and innovation driven by economic expansion, aircraft developments, technological advancements, and sustainable practices. The increasing demand for air travel and development of airports in the aviation industry, underscores the pivotal role of Aircraft MRO across the globe. As stakeholders navigate challenges such as cost management, regulatory compliance, and market competitiveness, collaborations, investments in Aircraft MRO infrastructure, and rising demand for commercial aircraft would also play a vital role in shaping the future of the Global Aircraft MRO market, ensuring its resilience and contribution to the global aviation industry.
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