Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global Aviation Asset Management Market size was USD 178.50 Billion in 2022 and is expected to reach USD 290.76 Billion by 2030, with a CAGR of 5% from 2023 to 2030. The aviation asset management market consists of businesses that proactively manage assets such as aircraft components and services. It also includes the expenditures of sustaining one or more aircraft throughout their useful lifespan. The surge in air passenger traffic is one of the primary reasons for the market's consistent expansion in recent years.
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According to the International Air Transport Association (IATA), 35 percent of scheduled passenger and cargo traffic originates in the Asia-Pacific area. It has been a major contributor to the worldwide market's performance. The rise of low-cost carriers and the increase in air traffic have contributed significantly to the market's favourable performance. Several businesses have been competing with one another in order to seize the market opportunity and obtain a substantial market share.
Aviation Asset Management Market Recent Developments:
- In February 2022, AirAsia made a deal with Avolon, an aircraft leasing company based in Ireland, to lease at least 100 VX4 eVTOL planes. This deal is expected to help the former change the way people travel by air by giving passengers better mobility in the air. This will help the airline stay ahead of the competition.
- Asset tracking technologies like Global Positioning Systems, Radio Frequency Identification, and Bluetooth Low Energy are being used by businesses to make their aviation asset management solutions work better.
Aviation Asset Management Market Segmentation Analysis:
Based on the kind of service, the aviation asset management market may be classified into leasing services, technical services, and regulatory certification. The leasing services include the rental of aircraft and other components, such as engines and airframes. Most airlines opt to rent aircraft since it is less expensive than purchasing them. During the predicted time period, this market sector is anticipated to hold the market share lead. In the future, technical services such as inspection and maintenance may also contribute to the market's revenue.
The aviation asset management market can be segmented based on the end-user into commercial platforms and maintenance, repair, and overhaul (MRO) services. As more low-cost carriers seek asset management services, it is anticipated that demand for commercial platforms would increase. The quantity of ageing aircraft fleets could have a significant impact on the need for MRO services.
Regional Outlook:
In 2021, more than half of all revenue originated from the Asia-Pacific aviation asset management market, which is anticipated to expand significantly in the next years. Government and public-private enterprises are spending more and more money to upgrade airport infrastructure, hence the increase. With government assistance, the aviation industry is placing a greater emphasis on zero-emission technologies. This will have a favourable impact on the regional market environment.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5% from 2023 to 2030 |
| Market Size in 2022 | USD 178.50 Billion |
| Revenue Forecast by 2030 | USD 290.76 Billion |
| By Service Type |
|
| By End user |
|
| By Companies | Aerdata (Subsidiary of the Boeing Company), Airbus Group, Aercap Holdings N.V., Landscape Aviation, SGI Aviation, GE Capital Aviation Services (Subsidiary of General Electric Company), Kestrel Aviation Management, Charles Taylor Aviation (Asset Management) Ltd., BBAM LP, ORIX Aviation, Aviation Asset Management, Inc., Skyworks Capital, LLC, GA Telesis, LLC, Acumen Aviation, Air Affairs Australia Pty Ltd, Aerotargets International LLC, Asv Global, Lockheed Martin Corporation, Leonardo S.P.A, Saab Ab, The Boeing Company, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Aviation Asset Management Market Dynamics
Market Drivers:
Numerous factors, such as the increase in air passenger traffic and the introduction of new aircraft models, could operate as market growth accelerators. The rise in sector investment may be one of the primary aviation asset management industry developments that could have a beneficial impact on its performance.
The market for aviation asset management is expanding due to the introduction of new aircraft types, the expansion of the aftermarket and retrofit, and the increase in air passenger traffic.
Market challenges:
There are numerous issues on the market, which has diminished its attractiveness. The lack of sufficient funds to introduce new technology to aviation asset management systems is one of the greatest obstacles. The rapid evolution of technology is also a significant obstacle for enterprises. They are expected to work with flexibility so that they can adapt to market changes. Given that the market is constantly changing, this could be a major issue.
Market Opportunity:
Integration of new technology to create efficient and effective airline asset management solutions is a key market opportunity. Based on the comprehensive aviation asset management market analysis, organisations must identify market opportunities and develop their long-term market presence plan.
Aviation Asset Management Market Key Segments Covered:
Top Market Players:
Aerdata (Subsidiary of the Boeing Company), Airbus Group, Aercap Holdings N.V., Landscape Aviation, SGI Aviation, GE Capital Aviation Services (Subsidiary of General Electric Company), Kestrel Aviation Management, Charles Taylor Aviation (Asset Management) Ltd., BBAM LP, ORIX Aviation, Aviation Asset Management, Inc., Skyworks Capital, LLC, GA Telesis, LLC, Acumen Aviation, Air Affairs Australia Pty Ltd, Aerotargets International LLC, Asv Global, Lockheed Martin Corporation, Leonardo S.P.A, Saab Ab, The Boeing Company, and Others.
By Service Type
- Leasing Services
- Technical Services
- Regulatory Certification
By End user
- Commercial Platforms
- Maintenance, Repair, and Overhaul (MRO) Services
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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