NEWARK, Del, July 21, 2022 (GLOBE NEWSWIRE) -- The global aircraft refurbishing market is expected to project at an astonishing CAGR of 5.8% between 2021 and 2031. Future Market Insights (FMI) forecasts the market value to reach US$ 4.2 Bn in 2021.
Approximately 5% of the aircraft refurbishing market accounts for the air transport market. Therefore, accelerating demands for air transport MRO services will have a positive impact on aircraft refurbishing sales.
The surging demands for commercial cabin refurbishing paired with rising air travel are likely to improve the demand for aircraft refurbishing. Against this backdrop, Future Market Insights has forecast global aircraft refurbishing sales to reach a valuation of US$ 7.4 Bn in 2031.
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Key Insights
- New and improved technologies for interiors are likely to cater to the surging demand for better comfort and luxury in air travel. Resulting in the growth of the market showcasing 5.8% CAGR during the forecast period (2021-2031).
- Commercial airlines are rapidly producing narrow body and wide body aircraft fleets due to increasing air passenger traffic is also fueling demand in the aircraft refurbishing market.
- The consistent urge to provide better comfort and amenities on short-haul flights by airlines is anticipated to boost the reputation of most airlines. This has ultimately resulted in increased demand for the refurbishing of aircraft interiors by commercial airlines.
- Surging demands for VIP refurbishing in developing economies such as India, Middle East countries, and China are likely to propel the market growth.
- Backed by these factors, sales in the aircraft refurbishing market will increase by 1.8x, reaching a valuation of US$ 4.2 Bn in 2021.
- The North American region is predicted to dominate the aircraft refurbishing market by accounting for over 90% of the market in 2021.
Competitive Landscape
Diehl Shiftung & Co. KG, Gulfstream Aerospace Ltd., Jamco America Inc., Hong Kong Aircraft Engineering Co. Ltd., Jet Aviation AG, Lufthansa Technik AG, Sabreliner Aviation LLC, Raytheon Technologies, SIA Engineering Co. Ltd, Rose Aircraft Services, Safran SA, Nextant Aerospace, AFI KLM E&M are some of the key companies profiled in the full version of the report.
Companies operating in the aircraft refurbishing market are aiming at technological innovations for aircraft interior components. To strengthen their footprint, some are entering into strategic partnerships with other industry players.
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More Insights into the Aircraft Refurbishing Market
The U.S market is anticipated to be one of the most lucrative markets throughout the forecast period with an estimated account for over 90% of the market in 2021.
The U.S is estimated to have the highest aircraft fleet in the North American region, contributing to the maximum share. In addition to that, the fleet size is growing due to increasing air travel and the adoption of advanced technology in aircraft repair.
Growth in the aircraft refurbishing industry also is driven by the strong presence of complete aircraft completion centers that specializes in aircraft cabin design modifications and deliver VIP completions.
The demand for aircraft refurbishing is estimated to rise at a robust CAGR of 7.1% over the forecast period. China is home to one of the largest aircraft fleets in the world which makes it a lucrative region for aircraft refurbishing.
According to FMI valuation, sales of aircraft refurbishing are expected to total US$ 6.5 Bn by 2031-end in China.
As per FMI analysis, ASEAN countries will account for nearly 40.6% of the market share in South Asia & Pacific in 2021. Countries such as Indonesia, Malaysia, and Singapore have major players providing maintenance, repair & overhaul (MRO) services for commercial aircraft.
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Aircraft Refurbishing Market by Category
By Fitting Type:
- Retrofit
- IFES & Lighting
- Passenger Seats
By Aircraft Type:
- Large Body Aircraft
- Wide Body Aircraft
- Narrow Body Aircraft
By Refurbishing Type:
- VIP Cabin Refurbishing
- Commercial Cabin Refurbishing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About FMI- Automotive
The automation division of FMI offers a distinct and pinpoint analysis of the material industry. This elaborate coverage extends from revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, trends and pricing analysis. Our research studies serve as referencing market guidelines for industrial manufacturers' channel partners and government bodies.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Product Adoption / Usage Analysis. Full TOC
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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