Global air transport used serviceable material market is expected to grow from US$ 4,980.2 Mn in 2018 to US$ 8,307.9 Mn by the year 2027. This represents a CAGR of 5.9% from the year 2019 to 2027.
The global market for air transport USM has been segmented into five major regions — North America, Europe, APAC, MEA, and South America. In 2018, North America led the global air transport USM market with more than 30% share, followed by the Asia Pacific and Europe. The presence of well-developed countries such as the US and Canada and high focus on the aerospace sector are two of the major factors responsible for the growth of air transport USM market in North America. The US and Canada are characterized by high disposable individual incomes, higher standards of living, and rapid technological advancements in the arena of aerospace engineering. Owing to the higher standards of living in North America, airplanes are the most widely used means of transport for domestic as well as international travel. Hence, the demand for commercial aircraft for passenger travel and cargo services is quite high in this region. The North American region is also a hub of some of the world’s largest aircraft and helicopter manufacturers such as Boeing, Textron, Gulfstream, Lockheed Martin, Northrop Grumman, Piper Aircraft Inc., Cirrus Design Corporation, Electric Aircraft Corporation, and Bombardier.
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Companies Mentioned in Global Air Transport Used Serviceable Material Market
- A J Walter Aviation Limited
- AAR Corp
- AFI KLM & E&M
- Delta Material Services
- GA Telesis, LLC
- General Electric
- Honeywell International Inc.
- Liebherr Group
- Lufthansa Technik
- Pratt & Whitney
The global airspace is experiencing a huge demand for air travel in terms of commercial aircraft. This is leading the airlines and defense forces to keep their fleets ready with the latest technology and ensure robust components integrated. Refurbishment of existing commercial aircraft is a major trend prevailing in the aviation industry at present. The trend is expected to surge over the period leading to a huge opportunity for the aircraft component suppliers and the Maintenance, Repair, and Overhaul (MRO) companies. The refurbishment of aircraft includes engine, landing gears, radars and antennas among others. The USM suppliers ensure the availability of some of the major aircraft components at lesser costs and higher reliability, which is increasing the interest among the aircraft manufacturers. Thus, such programs drive the demands for air transport to use the serviceable material market as these are low-cost alternatives to OEM parts. Further, different stakeholders in the aviation industry have ventured into the air transport USM space. The aircraft OEMs, component suppliers, MROs have all tapped into the air transport used serviceable market driving its growth.
The global air transport used serviceable material market by aircraft type was led by a narrowbody aircraft segment. The air transport used serviceable material market is expected to witness a rise in demand from a narrowbody aircraft segment during the forecast period from 2019 – 2027.
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This post was originally published on Space Market Research