Dublin, Dec. 27, 2022 (GLOBE NEWSWIRE) -- The "Air Transport MRO Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
Expanding Air Travel Fleet with Growing Passenger Numbers to Boost Air Transport MRO Market
The aviation industry and businesses at its periphery are experiencing robust growth with the expansion of global population. Affordable air travel and rising disposable income of middle class is pushing the passenger travel at record level. This has influenced the demand for new fleet of aircrafts from airliners which in turn encouraged the growth of air transport MRO market.
Moreover, new initiatives such as visa on arrival and open-sky agreement among countries like the U.S. and India, has further influenced the passenger travel among countries of the world. With increasing passenger number, the demand for new planes is also growing which has influenced the growth of air transport MRO market in the year 2021.
Emergence of e-commerce to Increase Cargo Share in End-user Segment
Based on end-user, passenger segment captured over 85% of market share in the year 2020. However, with the emergence of e-commerce, the percentage of cargo segment is estimated to increase in the near future. E-commerce giant Amazon has recently announced 15 more cargo planes with capacity of 79 ton each. With this addition, Amazon has a fleet of 65 cargo planes. With e-commerce market growing stupendously in the Asia Pacific, the cargo segment is expected to increase its share in the near future.
Asia Pacific is estimated to register the highest Market Share
Currently, Asia Pacific is trailing behind North America and Europe. However, with growing middle class population, aviation market is expected to grow in coming decade which in turn will influence the air transport MRO market in region. With the economic development of Asia Pacific, in particular China and India, are the major countries where middle class population is exploding. This large population with its growing inclination towards air travel is estimated to drive the market growth during the forecast period. In addition, lower labor rate and rapid development of infrastructure in China and India is expected to further boost the air transport MRO market. Recently, China announced its plan to add 74 new airports, totaling 260 airports nationally by 2020. Also, China'sneighbor and fastest growing economy of the world, India also has plan to add 100 more airports by 2024. With such major developments, the air transport MRO market is estimated to show good growth in Asia Pacific.
New Technological Development is keeping the Market Competitive
Major players profiled in the air transport MRO market include AAR Corp., Air France Industries KLM Engineering & Maintenance, Hong Kong Aircraft Engineering Company Limited, Delta TechOps, Lufthansa Technik, Airbus S.A.S., Singapore Technologies Engineering Ltd., Turkish Technic Inc., Sabena Technics and SR Technics among others.
The overall air transport MRO market is fragmented and companies are adopting strategies such as partnering with airlines and use of technology to improve its efficiency and thereby its market share. For instance, in October 2021, Airinmar Ltd., a subsidiary of AAR Corp. has signed a 3 year agreement with JetBlue Airways for providing component value engineering cost oversight servicing for its AirBus and Embraer fleets. With this agreement AAR Corp. has increased its client base and share in the overall air transport MRO market.
Also, in October 2021, AirBus S.A.S. has partnered with Delta Air Lines, Inc. for developing predictive maintenance and health monitoring solutions for airlines worldwide by 2020. This can be accessible through AirBus Skywise platform. With predictive intelligence airlines can keep higher number of fleet availability. With this partnership, company is expecting to increase its share in global air transport MRO market.
Market Segmentation
Aircraft
- Narrow Body
- Wide Body
- Regional Jet
- Turboprop
Offering
- Engine
- Component
- Airframe
- Line
End-user
- Passenger
- Cargo
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Air Transport MRO market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Air Transport MRO market?
- Which is the largest regional market for Air Transport MRO market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Air Transport MRO market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Air Transport MRO market worldwide?
Key Topics Covered:
1. Preface
2. Executive Summary
3. Air Transport MRO Market: Competitive Analysis
4. Air Transport MRO Market: Macro Analysis & Market Dynamics
5. Air Transport MRO Market: By Aircraft, 2020-2030, USD (Million)
6. Air Transport MRO Market: By Offering, 2020-2030, USD (Million)
7. Air Transport MRO Market: By End-user, 2020-2030, USD (Million)
8. North America Air Transport MRO Market, 2020-2030, USD (Million)
9. UK and European Union Air Transport MRO Market, 2020-2030, USD (Million)
10. Asia Pacific Air Transport MRO Market, 2020-2030, USD (Million)
11. Latin America Air Transport MRO Market, 2020-2030, USD (Million)
12. Middle East and Africa Air Transport MRO Market, 2020-2030, USD (Million)
13. Company Profile
Companies Mentioned
- AAR Corp.
- Air France Industries KLM Engineering & Maintenance
- Hong Kong Aircraft Engineering Company Limited
- Delta TechOps
- Lufthansa Technik
- Airbus S.A.S.
- Singapore Technologies Engineering Ltd.
- Turkish Technic Inc.
- Sabena Technic
For more information about this report visit https://www.researchandmarkets.com/r/5qaw9f
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