Commercial Aircraft Aftermarket Parts Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 43.08 Billion |
| Market Size (2029) | USD 56.55 Billion |
| CAGR (2024 - 2029) | 5.59 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Commercial Aircraft Aftermarket Parts Market Analysis
The Commercial Aircraft Aftermarket Parts Market size is estimated at USD 43.08 billion in 2024, and is expected to reach USD 56.55 billion by 2029, growing at a CAGR of 5.59% during the forecast period (2024-2029).
The global air travel industry, particularly in emerging markets, is witnessing sustained growth. This surge in activity translates to heightened aircraft utilization, subsequently accelerating wear and tear on aircraft components. As a result, the demand for replacement parts is on the rise. With an expanding commercial aircraft fleet, timely maintenance, repair, and overhaul (MRO) services are paramount. These services ensure the aircraft's airworthiness and optimize its performance, thereby enhancing market prospects. Market competition is intensifying, notably with OEMs playing an active role. OEMs have a strategic edge, often replenishing their parts inventory by repurchasing retired aircraft from airlines and repurposing these parts for active aircraft.
Moreover, stringent safety and regulatory mandates underscore the importance of regular maintenance and part replacements, further fueling the demand for aftermarket parts. Heightened concerns about maintenance delays, potentially leading to aviation accidents, are compelling aircraft operators to prioritize prompt repairs for damaged parts. These dynamics are expected to collectively propel the market's growth trajectory over the coming years.
Commercial Aircraft Aftermarket Parts Market Trends
Narrow-body Segment to Witness the Highest Market Growth During the Forecast Period
Narrow-body aircraft, in comparison to their wide-body counterparts, boast superior range capabilities and seat-mile efficiency. As airlines strive to enhance their market presence and connectivity, they are unveiling new routes. In Europe, air travel is rapidly increasing, propelled by rising disposable incomes, evolving lifestyles, and intensified competition among airlines. The proliferation of low-cost carriers in emerging markets is further fueling the market's growth. These budget airlines predominantly opt for narrow-body aircraft, which are ideal for short-haul routes and cost-effective maintenance. Consequently, the demand for narrow-body aircraft has surged, directly impacting the commercial aircraft aftermarket parts market.
For example, Ryanair, headquartered in Dublin, is Europe's largest airline, catering to a staggering 152 million passengers annually. Similarly, easyJet, another prominent LCC, operates an extensive network spanning multiple European nations, North African nations, Turkey, and Israel. Austrian Airlines, in 2023, continued its fleet modernization efforts, while Air France, since July 2023, has been progressively integrating new aircraft into its operations. As these airlines expand their fleets and flight frequencies, the wear and tear on aircraft parts is poised to drive demand in the narrow-body aftermarket parts market over the coming years.
Asia-Pacific to Dominate the Market During the Forecast Period
Asia-Pacific not only commands the largest market share but is poised for the most significant growth in the commercial aircraft aftermarket parts market. The surge in air travel, particularly in nations like India, China, Vietnam, Indonesia, Japan, and Taiwan, prompted regional airlines to expand their fleets to meet the escalating demand over the past two decades.
Consequently, the average age of aircraft in the region is projected to rise from approximately eight years historically to around nine years by the end of the forecast period. This aging fleet, in turn, is set to boost the demand for aftermarket parts as more aircraft undergo maintenance and require part replacements. Recognizing this trend, several key market players have bolstered their collaborations with Asia-Pacific customers.
For instance, in November 2023, Airbus inked deals with several Indian firms, including Aqus, Dynamatic, Gardner, and Mahindra Aerospace, to manufacture components for commercial aircraft. These strategic partnerships are poised to fuel the demand for spare parts and propel the commercial aircraft aftermarket parts market in Asia-Pacific countries throughout the forecast period.
Commercial Aircraft Aftermarket Parts Industry Overview
The commercial aircraft aftermarket parts market is fragmented, with each market player offering a diverse array of components. Notable entities in this market include The Boeing Company, Moog Inc., Collins Aerospace (RTX Corporation), Honeywell International Inc., and General Electric Company. As leading OEM suppliers continue to acquire local manufacturers and suppliers, market consolidation is on the rise, intensifying competitive dynamics. Moreover, active players are poised to bolster their market presence by expanding their businesses, channeling investments into R&D, and rolling out tailored packages to meet evolving customer demands.
Commercial Aircraft Aftermarket Parts Market Leaders
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The Boeing Company
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Honeywell International Inc.
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General Electric Company
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Moog Inc.
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Collins Aerospace (RTX Corporation)
*Disclaimer: Major Players sorted in no particular order
Commercial Aircraft Aftermarket Parts Market News
In April 2024, Satair, a subsidiary of Airbus Services, and Collins Aerospace inked a four-year extension deal. This agreement grants Satair continued global distribution rights for Collins' electric, environmental control, and engine system parts. The deal spans various commercial platforms, including Airbus, Boeing, Bombardier, and Embraer.
In October 2023, VSE Corporation finalized an asset purchase and perpetual license pact with Honeywell International Inc. This exclusive agreement empowers VSE's Aviation arm to manufacture and provide support for Honeywell's fuel control systems, specifically on four pivotal engine platforms.
Commercial Aircraft Aftermarket Parts Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Aircraft Type
- 5.1.1 Narrow-body
- 5.1.2 Wide-body
- 5.1.3 Regional Jet
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5.2 Component Type
- 5.2.1 Airframe
- 5.2.2 Engine
- 5.2.3 Interior
- 5.2.4 Other Component Types
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5.3 Parts
- 5.3.1 MRO Parts
- 5.3.2 Rotable Replacement Parts
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.2 Europe
- 5.4.2.1 United Kingdom
- 5.4.2.2 France
- 5.4.2.3 Germany
- 5.4.2.4 Russia
- 5.4.2.5 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 India
- 5.4.3.3 Japan
- 5.4.3.4 South Korea
- 5.4.3.5 Rest of Asia-Pacific
- 5.4.4 Latin America
- 5.4.4.1 Brazil
- 5.4.4.2 Mexico
- 5.4.4.3 Rest of Latin America
- 5.4.5 Middle East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 United Arab Emirates
- 5.4.5.3 Egypt
- 5.4.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Aventure International Aviation Services
- 6.2.2 Honeywell International Inc.
- 6.2.3 Collins Aerospace (RTX Corporation)
- 6.2.4 Parker-Hannifin Corporation
- 6.2.5 General Electric Company
- 6.2.6 Moog Inc.
- 6.2.7 GKN Aerospace (Melrose Industries)
- 6.2.8 A J Walter Aviation Limited
- 6.2.9 Bombardier Inc.
- 6.2.10 The Boeing Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityCommercial Aircraft Aftermarket Parts Industry Segmentation
The commercial aircraft aftermarket parts market encompasses the production, remanufacturing, distribution, retail, and installation of replacement parts, equipment, and accessories. While these components are not necessarily from the original equipment manufacturer (OEM), they fall into two main categories: replacement parts, which focus on performance, and accessories, which cater to customization.
The commercial aircraft aftermarket parts market is segmented by aircraft type, component type, parts, and geography. By aircraft type, the market is segmented into narrow-body, wide-body, and regional jets. By component type, the market is segmented into airframe, engine, interior, and other component types. By parts, the market is segmented into MRO parts and rotable replacement parts. The report also covers the sizes and forecasts for the commercial aircraft aftermarket parts market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Aircraft Type | Narrow-body | |
| Wide-body | ||
| Regional Jet | ||
| Component Type | Airframe | |
| Engine | ||
| Interior | ||
| Other Component Types | ||
| Parts | MRO Parts | |
| Rotable Replacement Parts | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | United Kingdom |
| France | ||
| Germany | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Mexico | ||
| Rest of Latin America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| United Arab Emirates | ||
| Egypt | ||
| Rest of Middle East and Africa |
Commercial Aircraft Aftermarket Parts Market Research FAQs
How big is the Commercial Aircraft Aftermarket Parts Market?
The Commercial Aircraft Aftermarket Parts Market size is expected to reach USD 43.08 billion in 2024 and grow at a CAGR of 5.59% to reach USD 56.55 billion by 2029.
What is the current Commercial Aircraft Aftermarket Parts Market size?
In 2024, the Commercial Aircraft Aftermarket Parts Market size is expected to reach USD 43.08 billion.
Who are the key players in Commercial Aircraft Aftermarket Parts Market?
The Boeing Company, Honeywell International Inc., General Electric Company, Moog Inc. and Collins Aerospace (RTX Corporation) are the major companies operating in the Commercial Aircraft Aftermarket Parts Market.
Which is the fastest growing region in Commercial Aircraft Aftermarket Parts Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Aircraft Aftermarket Parts Market?
In 2024, the Asia-Pacific accounts for the largest market share in Commercial Aircraft Aftermarket Parts Market.
What years does this Commercial Aircraft Aftermarket Parts Market cover, and what was the market size in 2023?
In 2023, the Commercial Aircraft Aftermarket Parts Market size was estimated at USD 40.67 billion. The report covers the Commercial Aircraft Aftermarket Parts Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Aircraft Aftermarket Parts Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Commercial Aviation After Parts Industry Report
Statistics for the 2024 Commercial Aviation After Parts market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Aviation After Parts analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
