Asia-Pacific Aircraft MRO Market to Grow at a CAGR of 5.7% to reach US$ 23.07 billion from 2021 to 2028

The APAC aircraft MRO market is expected to grow from US$ 15.61 billion in 2021 to US$ 23.07 billion by 2028; it is estimated to grow at a CAGR of 5.7 % from 2021 to 2028.

China, India, Japan, South Korea, and Australia are major economies in APAC. Rising deployment of retrofitting technologies for improved aircraft is expected to fuel the market growth. The deployment of various retrofitting technologies, which refers to the implementation of newer technologies on older aircraft fleet, help increase passenger comfort and safety, and also facilitates the airlines in maintaining their older fleet. The continuous advancements in the aircraft technologies are resulting in up gradation of MRO capabilities. This is due to the fact that the MRO service providers across APAC region are constantly seeking up gradation and procurement of newer technologies in order to service the newer aircrafts as well as retrofit the upgraded technologies on the older aircraft fleets. The commercial airlines in the current scenario are holding on to their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers across APAC region to offer the airlines to retrofit the aircraft fleet with newer technologies. The retrofitting trend is soaring among the MRO service providers, which is driving the growth of APAC aircraft MRO market. Similar trend is also anticipated to continue over the years, and thus, integration of advanced and modern technologies on older aircraft fleet is expected to change the APAC aircraft MRO market landscape as well as face of aviation industry.

In case of COVID-19, APAC is highly affected specially India. Several other countries such as Japan and Southeast Asian countries are also combating the virus, which is a critical factor slowing the growth of the aircraft MRO market in the region. The aircraft maintenance service providers are observing noteworthy downfall in respective businesses, which is directly attributed to the lesser demand for the same among various end users, including airline operators. The outbreak has substantially disrupted the aircraft MRO services in the region, which had a negative impact on the market. The recovery period is expected to be faster than other regions, as several countries are anticipated to gain new airports in the coming years and governments of various countries, including China, are taking various initiatives to reduce the losses from the aviation industry. Several airlines in the region have retired their wide-body jets and narrow-body jets, which were prime customers of aftermarket products and services. This factor is anticipated to inhibit the aircraft MRO market for the next few months. For instance, Qantas retired its Boeing B747 in mid-2020 to cope with the COVID-19 pandemic's financial pressure. Similarly, Singapore Airlines sent a few of the Airbus A380 fleet for long-term storage for a similar reason. Thus, the retirement and long-term storage of wide-body jets is creating tremors in the aircraft MRO market.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC aircraft MRO market. The APAC aircraft MRO market is expected to grow at a good CAGR during the forecast period.

APAC Aircraft MRO Market Segmentation   

APAC Aircraft MRO Market – By Component

• Engine MRO
• Avionics MRO
• Airframe MRO
• Cabin MRO 
• Landing Gear MRO
• Others

APAC Aircraft MRO Market – By Aircraft Type

• Fixed Wing Aircraft
• Rotary Wing Aircraft

APAC Aircraft MRO Market – By End-User

• Commercial  
• Military

APAC Aircraft MRO Market, by Country

• Australia
• China 
• India
• Japan 
• South Korea       
• Rest of APAC  

APAC Aircraft MRO Market -Companies Mentioned

• AAR
• Barnes Group Inc.
• Collins Aerospace
• Delta TechOps
• FLTechnics, UAB.
• GE Aviation
• Lufthansa Technik
• Rolls-Royce plc.
• Singapore Technologies Engineering Ltd

Asia-Pacific Aircraft MRO Report Scope