The aircraft maintenance tooling market size is projected to reach US$ 4.70 billion by 2031 from US$ 3.30 billion in 2023. The market is expected to register a CAGR of 4.6% in 2023–2031. Rising investment in increasing the aircraft fleet across the globe to fulfill the demand for rise in air travellers across the globe is among the key trends driving the aircraft maintenance tooling market.
The aircraft manufacturing sector worldwide is experiencing huge growth due to the rising demand for commercial aircraft. Rising population & increasing disposable incomes in developing regions, including India, are key factors fueling the need for various types of aircraft. Increasing demand for air travel worldwide encourages manufacturers of aircraft, such as Airbus and Boeing, to raise their production volumes and offer maintenance tooling services for these aircrafts as well. With the continued growth in air traffic, carriers are expected to maintain the optimum condition of the aircraft to extend the life span of aircrafts; otherwise, the companies would have to procure new aircrafts. The cost of procurement of a new aircraft is much higher than the maintenance cost of the existing aircrafts. Different airports across the globe are launching advanced development processes to further fuel the efficiency of the aircraft.
Increasing integration of technologies for capturing real-time data on the health of the aircraft and meeting the increasing requirements of next-generation advanced aircrafts is expected to propel the aircraft maintenance tooling market growth in the near future. The availability of a large number of component suppliers enables the aircraft maintenance tooling manufacturers to choose the appropriate supplier. This enhances the supply chain of components. Upon procuring components, the aircraft maintenance tooling OEMs produce significant volumes of maintenance services; thereby, meeting respective customer demands. The end users include MRO service providers and airline operators. With the growing production rate of commercial aircraft, the demand for aircraft maintenance tooling is expected to increase steadily during the forecast period.
With the growing technological advancements in the aviation sector, the demand for aircraft maintenance tooling is also rising. Asia Pacific is highly focused on expansion of MRO services for commercial & military aircraft manufacturers. Major aircraft MRO businesses in Asia Pacific include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), ExecuJet Haite Aviation Services China Co., Ltd and MTU Maintenance are spending heavily on aircraft infrastructure, together with economic growth, and increase in air passenger travellers are the factors fueling the adoption of aircraft maintenance tooling. Moreover, the soaring number of middle-class travelers—especially in APAC countries, such as China, Singapore, and India—is the key factor contributing to air travel growth, which in turn is consequently raising the need for aircraft maintenance tooling services in the region.
The governments in the economies with huge air traffic, as well as other emerging countries, are fueling the growth of aircraft maintenance tooling as a key strategy to fuel the economic goals of the region. The Rest of Asia Pacific countries, including Malaysia, Singapore, and Thailand, generates large revenues from aircraft maintenance tooling business. For instance, Singapore consists of well-established MRO hubs and substantial footprints of major players, such as GE Aviation, Airbus, and Rolls-Royce, in Singapore. As per the Wisconsin Economic Development Corporation (WEDC), Singapore consists of 120 aerospace companies, which account for ~25% of the APAC’s aircraft maintenance tooling business.
The aircraft maintenance tooling market is experiencing a huge adoption of data analysis, owing to the fueling integration of blockchain, machine learning, Internet of things (IoT), artificial intelligence (AI), and big data analytics. The increasing adoption of aviation maintenance tooling software is propelling the development of digital solutions for ERP-based software. The integration of AI with aircraft maintenance tooling comprises predictive analytics, communication features, automated reporting, voice recognition, & deep learning. The maintenance tooling service providers are robustly focusing on digitalizing the software to permit them for task recognition, intelligent memory usage, and improved scalability. The maintenance tooling software powered by AI is used for monitoring health and aviation asset management. For instance, the aircraft maintenance tooling industry is integrating AI to boost response time and reduce costs due to human errors. Also, aircraft engine developers are procuring smart engines for analyzing data generated from sensors and softwares installed on them. Thus, the increasing trend of adoption of advanced technologies as mentioned above by maintenance tooling providers is boosting the aircraft maintenance tooling market across the world.
Key segments that contributed to the derivation of the aircraft maintenance tooling market analysis are tool type and users.
The geographic scope of the aircraft maintenance tooling market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America will dominate the aircraft maintenance tooling market in 2023. The North America region includes the US, Canada, and Mexico. North America is known for having the largest fleet of commercial, general, & military aircraft globally, and hence it needs regular MRO services for operational availability. The presence of various aircraft OEMs in the United States makes the region the highest aircraft manufacturer globally, which is likely to boost the aircraft maintenance tooling market in the North American region. Various contracts & agreements are regularly signed between aircraft maintenance tooling providers, airlines, & defense agencies for the launching and procurement of new aircraft fleet. These factors are fueling the market in North America region. The adoption of regulations and stringent safety standards and the introduction of new government laws by legislative government authorities are also projecting the aircraft maintenance tooling market growth in the region.
The regional trends and factors influencing the Aircraft Maintenance Tooling Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aircraft Maintenance Tooling Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.30 Billion |
| Market Size by 2031 | US$ 4.70 Billion |
| Global CAGR (2023 - 2031) | 4.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Tool Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Aircraft Maintenance Tooling Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Aircraft Maintenance Tooling Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The aircraft maintenance tooling market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aircraft maintenance tooling market and strategies:
The “Aircraft Maintenance Tooling Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: