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.
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Aircraft Type, and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
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 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Aircraft MRO Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Aircraft MRO Market – Key Market Dynamics
5.1 Drivers
5.1.1 Escalating Demand for MRO Services
5.1.2 Mounting Use of Digital Technology for MRO Industry
5.2 Restraints
5.2.1 Increasing Share of Original Equipment Manufacturers (OEMs) In the Aftermarket
5.3 Opportunities
5.3.1 Rising Deployment of Retrofitting Technologies for Improved Aircraft
5.4 Future Trends
5.4.1 Burgeoning Adoption of Blockchain Technology
5.5 Impact Analysis of Drivers and Restraints
6. Aircraft MRO Market – APAC Analysis
6.1 APAC Aircraft MRO Market Overview
6.2 APAC Aircraft MRO Market Revenue Forecast and Analysis
7. APAC Aircraft MRO Market Revenue and Forecast to 2028 – By Component
7.1 Overview
7.2 APAC Aircraft MRO Market Breakdown, by Component, 2020 and 2028
7.3 Engine MRO
7.3.1 Overview
7.3.2 Engine MRO Market Forecast and Analysis
7.4 Avionics MRO
7.4.1 Overview
7.4.2 Avionics MRO Market Forecast and Analysis
7.5 Airframe MRO
7.5.1 Overview
7.5.2 Airframe MRO Market Forecast and Analysis
7.6 Cabin MRO
7.6.1 Overview
7.6.2 Cabin MRO Market Forecast and Analysis
7.7 Landing Gear MRO
7.7.1 Overview
7.7.2 Landing Gear MRO Market Forecast and Analysis
7.8 Others
7.8.1 Overview
7.8.2 Others Market Forecast and Analysis
8. APAC Aircraft MRO Market Revenue and Forecast to 2028– By Aircraft Type
8.1 Overview
8.2 APAC Aircraft MRO Market Breakdown, by Aircraft Type, 2020 and 2028
8.3 Fixed Wing
8.3.1 Overview
8.3.2 Fixed Wing Market Forecast and Analysis
8.4 Rotary Wing
8.4.1 Overview
8.4.2 Rotary Wing Market Forecast and Analysis
9. APAC Aircraft MRO Market Revenue and Forecast to 2028– By End-User
9.1 Overview
9.2 APAC Aircraft MRO Market Breakdown, by End-User, 2020 and 2028
9.3 Commercial
9.3.1 Overview
9.3.2 Commercial Market Forecast and Analysis
9.4 Military
9.4.1 Overview
9.4.2 Military Market Forecast and Analysis
10. APAC Aircraft MRO Market – Country Analysis
10.1 Overview
10.1.1 APAC: Aircraft MRO Market, by Key Country
10.1.1.1 China: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.1.1 China: Aircraft MRO Market, by Component
10.1.1.1.2 China: Aircraft MRO Market, by Aircraft Type
10.1.1.1.3 China: Aircraft MRO Market, by End-User
10.1.1.2 Japan: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.2.1 Japan: Aircraft MRO Market, by Component
10.1.1.2.2 Japan: Aircraft MRO Market, by Aircraft Type
10.1.1.2.3 Japan: Aircraft MRO Market, by End-User
10.1.1.3 India: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.3.1 India: Aircraft MRO Market, by Component
10.1.1.3.2 India: Aircraft MRO Market, by Aircraft Type
10.1.1.3.3 India: Aircraft MRO Market, by End-User
10.1.1.4 South Korea: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.4.1 South Korea: Aircraft MRO Market, by Component
10.1.1.4.2 South Korea: Aircraft MRO Market, by Aircraft Type
10.1.1.4.3 South Korea: Aircraft MRO Market, by End-User
10.1.1.5 Australia: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.5.1 Australia: Aircraft MRO Market, by Component
10.1.1.5.2 Australia: Aircraft MRO Market, by Aircraft Type
10.1.1.5.3 Australia: Aircraft MRO Market, by End-User
10.1.1.6 Rest of APAC: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.6.1 Rest of APAC: Aircraft MRO Market, by Component
10.1.1.6.2 Rest of APAC: Aircraft MRO Market, by Aircraft Type
10.1.1.6.3 Rest of APAC: Aircraft MRO Market, by End-User
11. APAC Aircraft MRO Market - COVID-19 Impact Analysis
11.1 APAC: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
13.1 AAR
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Barnes Group Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 GE Aviation
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 FLTechnics, UAB.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Singapore Technologies Engineering Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Lufthansa Technik
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Delta TechOps
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Rolls-Royce plc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Collins Aerospace
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. APAC Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Table 2. APAC: Aircraft MRO Market, by Country – Revenue and Forecast to 2028 (US$ Billion)
Table 3. China: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 4. China: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 5. China: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 6. Japan: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 7. Japan: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 8. Japan: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 9. India: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 10. India: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 11. India: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 12. South Korea: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 13. South Korea: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 14. South Korea: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 15. Australia: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 16. Australia: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 17. Australia: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 18. Rest of APAC: Aircraft MRO Market, by Component – Revenue and Forecast to 2028 (US$ Billion)
Table 19. Rest of APAC: Aircraft MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Billion)
Table 20. Rest of APAC: Aircraft MRO Market, by End-User – Revenue and Forecast to 2028 (US$ Billion)
Table 21. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Aircraft MRO Market Segmentation
Figure 2. APAC Aircraft MRO Market Segmentation – By Country
Figure 3. APAC Aircraft MRO Market Overview
Figure 4. APAC Aircraft MRO Market, by Component
Figure 5. APAC Aircraft MRO Market, by Aircraft Type
Figure 6. APAC Aircraft MRO Market, by End-User
Figure 7. APAC Aircraft MRO Market, By Country
Figure 8. Porter’s Five Forces Analysis
Figure 9. APAC Aircraft MRO Market- Ecosystem Analysis
Figure 10. APAC Aircraft MRO Market Impact Analysis of Driver and Restraints
Figure 11. APAC Aircraft MRO Market Revenue Forecast and Analysis (US$ Billion)
Figure 12. APAC Aircraft MRO Market Breakdown, by Component, 2020 and 2028(%)
Figure 13. APAC Engine MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 14. APAC Avionics MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 15. APAC Airframe MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 16. APAC Cabin MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 17. APAC Landing Gear MRO Market Revenue and Forecast to 2028 (US$ Bn)
Figure 18. APAC Others Market Revenue and Forecast to 2028 (US$ Bn)
Figure 19. APAC Aircraft MRO Market Breakdown, by Aircraft Type, 2020 and 2028 (%)
Figure 20. APAC Fixed Wing Market Revenue and Forecast to 2028 (US$ Bn)
Figure 21. APAC Rotary Wing Market Revenue and Forecast to 2028 (US$ Bn)
Figure 22. APAC Aircraft MRO Market Breakdown, by End-User, 2020 and 2028(%)
Figure 23. APAC Commercial Market Revenue and Forecast to 2028 (US$ Bn)
Figure 24. APAC Military Market Revenue and Forecast to 2028 (US$ Bn)
Figure 25. APAC: Aircraft MRO Market, by Key Country – Revenue (2020) (USD Billion)
Figure 26. APAC: Aircraft MRO Market Revenue Share, by Key Country (2020 and 2028)
Figure 27. China: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 28. Japan: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 29. India: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 30. South Korea: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 31. Australia: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 32. Rest of APAC: Aircraft MRO Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 33. Impact of COVID-19 Pandemic in APAC Country Markets
- AAR
- Barnes Group Inc.
- Collins Aerospace
- Delta TechOps
- FLTechnics, UAB.
- GE Aviation
- Lufthansa Technik
- Rolls-Royce plc.
- Singapore Technologies Engineering Ltd
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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