Retirement of maintenance intensive aircraft and High Cost of aircraft repair are contributing to growth of market at a CAGR of 5.4 % during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Commercial Wide-Body and Narrow-Body Aircraft MRO Market” that contains the information from 2019 to 2032.

The Commercial Wide-Body and Narrow-Body Aircraft MRO market is estimated to register a CAGR of 5.4 % during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Commercial Wide-Body and Narrow-Body Aircraft MRO market— Hong Kong Aircraft Engineering Company Ltd. (HAECO), SIA Engineering Company (SIAEC), Singapore Technologies Engineering Ltd., GMF Aeroasia, Standardaero, Guangzhou Aircraft Maintenance Engineering Company Ltd (GAMECO), ARR Corp., Delta Techops, Aviation Technical Services, Emirates Engineering, Gulf Aircraft Engineering & Services, Aerostructures Middle East Services (AMES), Ethad Engineering, Lufthansa Technik Middle East, and Texel Air Middle East.

Market Highlights

The global Commercial Wide-Body and Narrow-Body Aircraft MRO market is accounted for to register a CAGR of 5.4 % during the forecast period and is estimated to reach USD 1,10,959.8 million by 2032.

Wide-Body and narrow body aircraft MRO refers to wide-body and narrow-body aircraft maintenance, repair, and overhaul. It is about the services that are rendered for the sustenance, repair and overhaul of the large passenger commercial airplanes. These services are require for the continued airworthiness, safety and performance of the wide-body aircraft employed for commercial passenger operations. MRFR analysis suggests that the market is expected to grow at a high CAGR during the forecast period owing to the reasons included factors such as, the rapid fleet expansion by airlines, the outsourcing of the MRO activities, and the increased attention of the Original Equipment Manufacturers (OEMs) towards the aircraft MRO service. However, factors such as, high cost incurred for aircraft repair and retirement of maintenance intensive aircrafts are the major ones projected to hinder the growth of the commercial Wide-Body and Narrow-Body Aircraft MRO market in the coming years. The global wide-body and narrow-body aircraft MRO market is experiencing some drivers for growth such as airlines’ exponential growth, the outsourcing trend in MRO services, and OEMs’ growing focus on the use of MRO applications. Nevertheless, this growth is constrained by factors such as; high costs in repairing the aircraft, highly maintained aircraft reaching their retirement age, and environmental concerns. However, there is plenty of room for improvement with the obsolescence of commercial aircraft, need for more efficient and environmentally friendly conversion, as well as the growth of MRO services in the new markets. However, the problem still remains as to how the new technologies are integrated and how the pressures for greater sustainability are addressed.

Access full report @ https://www.marketresearchfuture.com/reports/commercial-wide-body-narrow-body-aircraft-mro-market-40497

Segment Analysis

The global Commercial Wide-Body and Narrow-Body Aircraft MRO market has been segmented based on MRO Type, Aircraft Type, and Service Provider.

Based on MRO Type, the global Commercial Wide-Body and Narrow-Body Aircraft MRO Market has been segmented into Airframe Heavy Maintenance MRO, Engine MRO, Component MRO, Line Maintenance, and Modifications MRO. Engine MRO dominated the market in 2023. The engine MRO segment is experiencing a great deal of activity with airline traffic back up towards 2019 levels. Of course, this increase has some issues. There is more demand of the engine services especially after the start of the pandemic that has taken three slow years. Airlines are looking for various types of engine maintenance work, whether major overhauls or minor ones, quick turn, and hospital shop work. But MRO providers of engine are struggling to meet the pace. Some of them report that they have been fully engaged throughout the past year and now they don’t know how to cope with all the workload.

 Based on Aircraft Type, the global Commercial Wide-Body and Narrow-Body Aircraft MRO Market has been segmented into Wide-body Aircraft and Narrow-body Aircraft. The wide-body aircraft segment is further classified into B747, B777, B787, A350, A330, B767, and Others. Whereas the narrow-body aircraft segment is further classified into B737, A320, A220, and Others. In 2023, the Narrow-body aircraft segment accounted for the largest market share. One of the segments that is currently experiencing massive growth is the narrow-body aircraft segment, and this explains the high demand for services of MRO. At the moment, there are 3 000 small NB aircrafts in use and most of the airlines are reportedly planning to retire these planes in the next few years. Some of the factors that affect introduction of new aircraft into a fleet include; Aircraft economics, customer demand, and operational models. Some of the new generation small NB aircraft such as the Embraer E-Jets E2, will provide airlines with specific characteristics and operational advantages that makes them popular.

Based on Service Provider, the Global Commercial Wide-Body and Narrow-Body Aircraft MRO is segmented into Third Party/Independent MRO, OEM-Affiliated MRO. In the Commercial Wide-Body and Narrow-Body Aircraft MRO market, the third party/independent MRO segment remains high in year 2023. The current independent MROs are more wary about growing new capacities and capabilities in their business given the lessons of the pandemic. According to Fraser Currie, Joramco’s Chief Commercial Officer, the pandemic made it clear that it is the cash flow which sustains the business. In the past they could invest in the creation of large new facilities, or hangars, but this is no longer really viable because the market situation is much less predictable.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America consists of the U.S, Canada, and Mexico.

The Asia-Pacific commercial aviation industry will post significant progress in the near future. This growth is mainly driven by the high demand for new narrow-body planes, which will also help to increase MRO services. At present the Asia-Pacific accounts for one-third of the world’s commercial aircraft usage and the aircraft usage in this region is projected to increase to over 13 000 aircraft by 2031. It is also important to point out that with an estimated airline fleet currently more than one-third of other regional airliners it is predicted to grow. This has also led to raising the average age of planes in the Asia-Pacific region of 18-24 years as lease deals for airlines are also extended and this also drives MRO demand.

Looking at the large fleets and the future business prospective of the aviation industry in the particular region the key players in the MRO market are interested in entering the market in order to capitalize on the opportunities that are available. This trend is expected to support the Asia-Pacific’s MRO market development in the future. On the other hand, the greater part of the top world engine manufacturing companies are still willing to invest in the largest and crucial markets in Asia since these markets offer more strategic, market, and geographic advantages. Likewise, the French aircraft engine manufacturer Safran has also disclosed its strategy to bring between USD 100 million to USD 200 million to establish the biggest MRO hub in Hyderabad, India. The facility will have the capacity to conduct approximately 300 engine shop visits per year and will center mainly on the CFM56, Leap 1A and Leap 1B engines common in India.

Key Findings of the Study

• 
  

  The global Commercial Wide-Body and Narrow-Body Aircraft MRO market is expected to reach USD 1,10,959.8 million by 2032, at a CAGR of 5.4% during the forecast period.

  
  


• 
  

  The Asia-Pacific region accounted for the fastest-growing global market.

  
  


• 
  

  Based on Aircraft Type, the narrow-body aircraft segment was attributed to holding the largest market in 2023.

  
  


• 
  

  Hong Kong Aircraft Engineering Company Ltd. (HAECO), SIA Engineering Company (SIAEC), Singapore Technologies Engineering Ltd., GMF Aeroasia, Standardaero, Guangzhou Aircraft Maintenance Engineering Company Ltd (GAMECO), ARR Corp., Delta Techops, Aviation Technical Services, Emirates Engineering, Gulf Aircraft Engineering & Services, Aerostructures Middle East Services (AMES), Ethad Engineering, Lufthansa Technik Middle East, and Texel Air Middle East among others are some of the players in the market.