US General Aviation Aircraft MRO Market to Grow at a CAGR of 5.9% to reach US$ 5.24 billion from 2022 to 2028
The general aviation aircraft MRO market in US is expected to grow from US$ 3.59 billion in 2022 to US$ 5.24 billion by 2028; it is estimated to register a CAGR of 5.9% from 2022 to 2028.
In the aviation industry, MRO services play an important role in assuring the durability, safety, and profitability of airlines. In addition, businesses are working on adopting new and trending technologies, which will help them digitalize their business processes. Advanced technologies such as blockchain improve processes in MRO organizations. Blockchain technology has massive potential in the MRO space. So far, the adoption of this technology has been low; however, soon, it will contribute a considerable share to the overall growth of the general aviation aircraft MRO market. Moreover, with the help of blockchain technology, companies can record the configuration details of MRO components. This makes the documentation process for component manufacturers and MRO service providers effortless. Also, the deployment of this technology enables MRO service providers to offer verifiable documentation regarding the parts they have installed in the aircraft, thereby maintaining transparency in their operations. Various general aviation aircraft MRO market players are opting for blockchain technology. For instance, in March 2021, Government Blockchain Association and Digital Innovation Group formed a joint venture named GBA Aviation & Aerospace Working Group. This joint venture is created to explore the use of blockchain in the aerospace & aviation sector for MRO services, supply chains, and airports. Aviation industry players such as aircraft manufacturers, aircraft MRO service providers, and developers of aviation technology are highly emphasizing on adopting blockchain technology to track their MRO processes. Thus, the adoption of blockchain technology is expected to be a key trend in the general aviation aircraft MRO market growth in the coming years.
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US General Aviation Aircraft MRO Market: Strategic Insights
Market Size Value in US$ 3.59 billion in 2022 Market Size Value by US$ 5.24 billion by 2028 Growth rate CAGR of 5.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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US General Aviation Aircraft MRO Market: Strategic Insights
| Market Size Value in | US$ 3.59 billion in 2022 |
| Market Size Value by | US$ 5.24 billion by 2028 |
| Growth rate | CAGR of 5.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on General Aviation Aircraft MRO Market
The sudden outbreak of the pandemic adversely impacted the general aviation aircraft MRO market growth in 2020. According to the National Business Aviation Association (NBAA), several general aviation airports across the US witnessed a decrease in the sale of aviation gasoline and jet fuel to one-tenth of the general fuel earnings in April 2020. Airports that experienced a decline in demand for fuel included Gainesville Municipal Airport (GLE) in Texas, Okeechobee County Airport (OBE) in Florida, and Texas Gulf Coast Regional Airport (LBX). This drop in fuel sales across the airports was directly related to the decrease in general aviation traffic. For instance, according to NBAA, Florida’s Fernandina Beach Airport (FHB) experienced a decrease in demand for charter flights by ~80% in Q1 of 2020. The rapid drop in demand for charter flights across the airport was observed after the New York tri-state order to halt travel plans both domestically and internationally for general aviation passengers to combat the spread of SARS-CoV-2 across the country. These factors negatively impacted the general aviation industry across the US. The significant decrease in demand for charter flights and a complete halt on general aviation travel across the country to combat the spread of the virus further significantly impacted the US general aviation aircraft MRO market negatively.
Market Insights – US General Aviation Aircraft MRO Market
The US general aviation aircraft MRO market is expected to be driven by a rise in air passenger traffic, the need to improve operability and performance, and the requirement for disassembling, replacing, testing, and repairing the various components of the aircraft. Also, owing to the rising number of people interested in sightseeing and skydiving, the demand for those flights is further increasing in the country. Thus, as these airlines are experiencing a significantly higher density of air traveling passengers, the flying hours of each aircraft are increasing, leading to an increase in the frequency of aircraft maintenance. Furthermore, the presence of numerous independent MRO service providers in the country has enabled the airlines to opt for frequent A-checks, B-checks, and C-checks. In addition, the US is home to several aircraft manufacturers, providing various general aviation aircraft. According to the Aircraft Owners and Pilots Association, in 2019, out of ~220,000 civil aircraft registered in the US, 90% were general aviation aircraft. Thus, having such a large fleet of general aviation aircraft will further boost the growth of the general aviation aircraft MRO market in the US.
Wing Type-Based Insights
Based on wing type, the US general aviation aircraft MRO market size is bifurcated into fixed wing and rotary wing. The fixed wing segment accounted for a larger market share in 2021. Currently, the fixed wing segment is experiencing a significant boom owing to the exponential rise in air travel passengers in the US. This is leading to an increase in the number of new aircraft, simultaneously increasing the size of the existing aircraft fleet. The growing fleet size demands regular maintenance and repair activities owing to the need for optimal performance, which is a crucial influential factor for the general aviation aircraft MRO market. Furthermore, various airlines in the US are undertaking initiatives to modernize their existing fleet with advanced technologies. The upward trend in aircraft retrofitting activities is boosting the revenue generation of market players operating in the general aviation aircraft MRO market.
The US general aviation aircraft MRO market size is segmented based on component and wing type. Based on component, the general aviation aircraft MRO market is segmented into engine, avionics, airframe, cabin, landing gear, and others. Based on wing type, the general aviation aircraft MRO market is bifurcated into fixed wing and rotary wing.
Textron Aviation Inc, Safran SA, MTU Aero Engines AG, Honeywell International Inc., and GKN Aerospace Services Limited AG Aero Group are among the key general aviation aircraft MRO market players operating across the US.
The general aviation aircraft MRO market players are mainly focused on the development of advanced and efficient products.
- In 2023, ASL Aviation Holdings and AMETEK MRO AEM announced a new agreement to provide Landing Gear services for ASL's European fleet of next-generation and classic aircraft. The agreement covers the provision of overhaul services and loan gear sets until the end of 2026 and builds on ASL's existing relationship with AEM, which has been an ASL-trusted supplier for many years.
- In 2022, Honeywell International Inc entered a strategic agreement with AMETEK MRO for being the formers authorized engine repair partner in the APAC region. This new licensing agreement will allow Honeywell and AMETEK MRO to penetrate OEM-centric markets in Asia, further serving customers that require OEM-only material by utilizing strategically located facilities in Singapore and the US.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, and Wing Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The US general aviation aircraft MRO market was valued at US$ 3.52 Bn in 2021
The key driving factors impacting general aviation aircraft MRO market growth includes:
• Rise in Implementation of Safety Systems in General Aviation
• Rise in Adoption of Digital Technology in MRO Industry for General Aviation
The key players of general aviation aircraft MRO market are encompassed with Textron Aviation Inc, Safran SA, MTU Aero Engines AG, Honeywell International Inc. and GKN Aerospace Services Limited AG Aero Group.
The engine segment accounted for the largest share in the US general aviation aircraft MRO market in 2021.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Research Methodology
3.1.1 Data Collection:
3.1.2 Primary Interviews:
4. US General Aviation Aircraft MRO Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. US General Aviation Aircraft MRO Market– Key Industry Dynamics
5.1 Market Drivers
5.1.1 Growing Regulation in General Aviation
5.1.2 The Emergence of Digital Technology for the MRO Industry
5.2 Key Market Restraints
5.2.1 OEMs Entering the Aftermarket
5.3 Key Market Opportunities
5.3.1 The Growing Trend of Retrofitting of Older Aircraft Fleet
5.4 Future Trends
5.4.1 Blockchain Technology Changing MRO Landscape
5.5 Impact Analysis of Drivers and Restraints
6. US General Aviation Aircraft MRO Market Overview
6.1 Market Overview
6.2 US General Aviation Aircraft MRO Market Forecast and Analysis
6.3 Market Positioning –Key Players
7. US General Aviation Aircraft MRO Market Analysis – by Component
7.1 Overview
7.2 US General Aviation Aircraft MRO Market, by Component (2021 and 2028)
7.3 Engine
7.3.1 Overview
7.3.2 Engine: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.4 Avionics
7.4.1 Overview
7.4.2 Avionics: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.5 Airframe
7.5.1 Overview
7.5.2 Airframe: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.6 Cabin
7.6.1 Overview
7.6.2 Cabin: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.7 Landing Gear
7.7.1 Overview
7.7.2 Landing Gear: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.8 Others
7.8.1 Overview
7.8.2 Others: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
8. US General Aviation Aircraft MRO Market Analysis – by Wing Type
8.1 Overview
8.2 US General Aviation Aircraft MRO Market, by Wing Type (2021 and 2028)
8.3 Fixed Wing
8.3.1 Overview
8.3.2 Fixed Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
8.4 Rotatory Wing
8.4.1 Overview
8.4.2 Rotatory Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
9. Impact of COVID-19 Pandemic on General Aviation Aircraft MRO Market
9.1 US
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Mergers & Acquisitions
11. Company Profiles
11.1 .Ametek Inc
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 SKYWAY GROUP INC.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Safran SA
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Honeywell International Inc
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 The Boeing Co
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 GKN Aerospace Services Limited
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 ST ENGINEERING
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 MTU Aero Engines AG
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 STANDARDAERO
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Textron Aviation Inc.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. US General Aviation Aircraft MRO Market Revenue and Forecasts to 2028 (US$ Bn)
Table 2. Glossary of Term: General Aviation Aircraft MRO Market
LIST OF FIGURES
Figure 1. General Aviation Aircraft MRO Market Segmentation
Figure 2. US General Aviation Aircraft MRO Market Overview
Figure 3. US General Aviation Aircraft MRO Market, by Component
Figure 4. US General Aviation Aircraft MRO Market, by Wing Type
Figure 5. US: PEST Analysis
Figure 6. Expert Opinion
Figure 7. US General Aviation Aircraft MRO Market: Impact Analysis of Drivers and Restraints
Figure 8. US General Aviation Aircraft MRO Market Forecast and Analysis, (US$ Bn)
Figure 9. US General Aviation Aircraft MRO Market, by Component (2021 and 2028)
Figure 10. Engine: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 11. Avionics: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 12. Airframe: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 13. Cabin: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 14. Landing Gear: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 15. Others: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 16. US General Aviation Aircraft MRO Market, by Wing Type (2021 and 2028)
Figure 17. Fixed Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 18. Rotatory Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 19. Impact of COVID-19 Pandemic in US Country Markets
The List of Companies - US General Aviation Aircraft MRO Market
- AMETEK. Inc.
- SKYWAY GROUP, INC.
- ST Engineering
- Safran SA
- Honeywell International Inc.
- Boeing
- Textron Aviation Inc
- StandardAero
- MTU Aero Engines AG
- GKN Aerospace Services Limited.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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