Aircraft Refurbishing Market Latest Partnerships and Trends
As per the report published by The Brainy Insights, the global aircraft refurbishing market is expected to grow from USD 4.51 billion in 2020 to USD 7.89 billion by 2030, at a CAGR of 7.49% during the forecast period 2021-2030. The Asia Pacific region has emerged as the fastest-growing region in the global aircraft refurbishing market. The growing air traffic and increasing commercial airlines across the regions are pushing the growth of the market. Apart from this, the Europe region held a substantial market share in the year 2020. The presence of a large number of companies in the region is fuelling the growth of the market.
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Major players in the global aircraft refurbishing market are Air France Industries KLM E&M, BE Aerospace, Ascent Aviation Services, Sabreliner Corporation, TIMCO Aviation Services, SIA Engineering Company, AAR, Zodiac Aerospace, Lufthansa Technik, Gulfstream, and GKN among others. The key players of the global aircraft refurbishing market are majorly focusing on the adoption of various strategies such as technological integration, new product development, collaboration, mergers & acquisitions, joint venture, product innovations, and partnerships to gain a significant market share in the industry. For instance, in September 2021, a joint venture of GKN and SASMOS HET Technologies Limited, Fokker Elmo SASMOS Interconnection Systems Limited (FE-SIL), announced that it has won the contract to manufacture electrical interconnection system for the Boeing-Saab T-7A trainer aircraft from the company “Saab”.
·?????? In October 2021, Lufthansa Technik announced that it has renewed the substantial base maintenance contract with EasyJet Switzerland SA, a Swiss low-cost airline, for more than 140 aircraft. The contract was previously signed in the year 2016.
·?????? In October 2021, Air France Industries KLM E&M and Triumph Group announced that they formed the joint venture under the name xCelle Americas. This joint venture will perform the repair and maintenance services for “new gen” nacelles on Airbus A320neo, Boeing 737MAX, Airbus A350, and Boeing 787 aircraft for operators in South America and North America.
·?????? In September 2021, a joint venture of GKN and SASMOS HET Technologies Limited, Fokker Elmo SASMOS Interconnection Systems Limited (FE-SIL), announced that it has won the contract to manufacture electrical interconnection system for the Boeing-Saab T-7A trainer aircraft from the Saab.
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The aircraft type segment is divided into wide-body aircraft and narrow-body aircraft.? The narrow-body aircraft segment accounted for the major market share and was valued at USD 2.94 billion in the year 2020. Increasing consumer preference for narrow-body aircraft for domestic and international travel is driving the growth of narrow-body aircraft in the global aircraft refurbishing market. The refurbishing type segment includes VIP cabin refurbishing fixed-wing aircraft, commercial aircraft cabin refurbishing, and passenger-to-freighter. The passenger-to-freighter segment held the largest market share of 40.58% in the year 2020. Rising investment by cargo shipping companies to convert passenger aircraft to freighters is boosting the market’s growth. The fitting type segment is divided into retrofit, IFEC and lighting, and passenger seats. The passenger seat segment held the largest market share of 46.85% in the year 2020. The passenger seats are the essential parts of the commercial aircraft. Over the years, the seats get stained, torn, and damaged due to heavy usage.? Therefore, many aircraft companies are focusing on the refurbishment of passenger seats, which boosts the market growth.
The global aircraft refurbishing market is witnessing rapid growth owing to increasing demand for aircraft refurbishing for the aircrafts such as VIP and business jets, commercial aircraft, and various other types of aircraft. In addition, the steady increase in airlines across the globe is fuelling the demand for aircraft refurbishing services across the globe.
About the report:?
The global aircraft refurbishing market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.