Wilmington, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s newly published industry report and analysis, the Global Aerospace Aftermarket Market value is estimated at US$ 29 billion in 2023 and is expected to rise at a strong CAGR of over 4% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview
The aerospace aftermarket, often known as the aerospace aftermarket services or just the aftermarket, is a market for products and services sold after the initial purchase of an aerospace component, aircraft, or related equipment.
With the globalization of the aviation business, airlines and aircraft operators now have access to a greater selection of aftermarket service providers. This competition frequently results in improved services and more cost-effective solutions, propelling the aftermarket market forward.
- According to a deep-dive market assessment by RationalStat, the global Aerospace Aftermarket market has been analyzed on the basis of market segments, including parts type, component type, aircraft type and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Aerospace Aftermarket market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Aerospace Aftermarket market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Aerospace Aftermarket Market: Segmental and Market Share Analysis
- Based on component type, engine segment is the largest segment, accounting for approximately 25% of the global market. This is due to the high cost of engines and the need for regular maintenance and overhaul.
- Based on part types, rotatable scrap replacement parts segment is the dominating segment in the global aerospace aftermarket driven by the increasing demand for air travel and the need to maintain and repair aging aircraft.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 29 billion |
| Market Size Forecast | US$ 38.3 billion |
| Growth Rate | 4% |
| Dominant Segment | Engine |
| Dominant Region | North America |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global Aerospace Aftermarket market include,
- In March 2023, AAR acquired Trax, a prominent provider of aviation maintenance and fleet management software. Trax's complete solutions support the entire spectrum of maintenance activities and generate the system of record required for airlines, MROs, and government aircraft operators.
Some of the prominent players and suppliers operating and contributing significantly to the global Aerospace Aftermarket market growth include The Boeing Company, Collins Aerospace, Honeywell International Inc., General Electric Company, Eaton Technologies, Meggitt PLC, UTC Aerospace Systems, AJW Group, Trelleborg, Kaman, GE Aviation, and VSE Corporation among others.
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RationalStat has segmented the global Aerospace Aftermarket market based on parts type, component type, aircraft type and region
- Global Aerospace Aftermarket Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Parts Type
- MRO Parts
- Rotatable Scrap Replacement Parts
- Consumables
- Expendable
- Global Aerospace Aftermarket Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component Type
- Engine
- Airframe
- Interior
- Others (Cockpit Systems, etc.)
- Global Aerospace Aftermarket Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Aircraft Type
- Narrow-body
- Wide-body
- Regional-Aircraft
- Global Aerospace Aftermarket Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Aerospace Aftermarket Market
- US
- Canada
- Latin America Aerospace Aftermarket Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Aerospace Aftermarket Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Aerospace Aftermarket Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Aerospace Aftermarket Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Aerospace Aftermarket Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Aerospace Aftermarket Market
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Key Questions Answered in the Aerospace Aftermarket Report:
- What will be the market value of the global Aerospace Aftermarket market by 2030?
- What is the market size of the global Aerospace Aftermarket market?
- What are the market drivers of the global Aerospace Aftermarket market?
- What are the key trends in the global Aerospace Aftermarket market?
- Which is the leading region in the global Aerospace Aftermarket market?
- What are the major companies operating in the global Aerospace Aftermarket market?
- What are the market shares by key segments in the global Aerospace Aftermarket market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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