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Commercial Aircraft Aftermarket Parts Market Size, Share, key Players & Forecast 2021

The leading market players in the global commercial aircraft aftermarket parts market primarily include AAR, Eaton, General electric, Honeywell International , Rockwell Collins, AJW aviation, avail, BE aerospace, BF Goodrich, Meggitt, Parker-Hannifin, and Pratt& Whitney.

Commercial Aircraft Aftermarket Parts Market – Market Overview:

The aircraft aftermarket parts are mainly used in the maintenance and upgrade activity on an airplane after it is manufactured (out of the factory). Since aircrafts remain in service for many years, and also due to the strict regulations, they have to be maintained and repaired at several intervals and it requires a reliable supply chain of aftermarket parts to prevent Aircraft on Ground (AOG) situations. Aftermarket parts are mainly utilized for MRO activities and also as Rotable Scrap Replacement. Aftermarket parts are manufactured by the Original Equipment Manufacturers (OEMs) as well as the Parts Manufacturer Approval (PMA) vendors.

One of the major drivers propelling the growth of the global commercial aircraft aftermarket parts market is the increase in number of aircraft. As of 2016, there were more than 22,000 active aircraft across the globe. The existing fleets are expected to be replaced by more than 40,000 new aircraft, over the next 20 years, and the global fleet is likely to reach 45,000 aircraft by 2036. Moreover, the high demand for air travel in the emerging regions, such as Asia, Latin America, and the Middle East, leads to an increase in the number of aircraft in these regions. As a result, approximately 22,000 aircraft are expected to be delivered to these regions in the next 20 years. On the other hand, it is expected that over 15,000 aircraft would be delivered in developed regions such as North America and Europe, by 2036. These aircraft need a reliable supply chain of aftermarket parts to prevent AOG situations. To meet such demands, airlines and MRO providers maintain an inventory of spare parts. As a result, the expansion of the existing aircraft fleets along with the launch of new airlines would result in higher investments in the market. Hence, the rapid fleet expansion is expected to eventually drive the commercial aircraft aftermarket parts market.

The ‘aircraft aftermarket parts’ provide a lucrative market with a healthy profit margin. Thus, many OEMs are also attracted to this market and are now providing integrated services to attract customers and increase their market share. Major OEMs such as Rolls-Royce have already signed contracts worth billions of dollars with customers such as United Airlines and Emirates, extending their total care programs.

In addition, many online platforms now serve the ‘aircraft aftermarket parts industry’. These e-platforms assist this industry to thrive by resolving spare parts- and service-related issues. This ease of conducting business online and obtaining spare parts through a global network encourages more and more companies to involve in such e-platforms, hence developing global reach and network. Many new companies are expected to start using aircraft part locator services in the coming years, further facilitating the global commercial aircraft aftermarket parts market.

Access Complete Report @ https://www.marketresearchfuture.com/reports/commercial-aircraft-aftermarket-parts-market-1382

Commercial Aircraft Aftermarket Parts Market – Competitive Analysis:

The market is highly competitive, and vendors compete on the basis of the cost of aftermarket parts, quality and reliability, and market share. To survive and succeed in such an intensely competitive environment, it is crucial for vendors to optimize their product development processes to provide cost-effective and high-quality products and solutions.

The vendors also face the increasing pressure to cut prices for aftermarket parts or lose the business. Furthermore, increasing entry of the OEMs into the aircraft aftermarket parts business has further increased the competition in the market. For example, aircraft engine parts manufacturer, as a part of their strategy to capture the lucrative aftermarket parts business, now provide original equipment at lower margins. This is then compensated by higher margins obtained from spares.

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