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Market OverviewGlobal COVID-19 Impact on Aircraft Refurbishing Market is growing continually. Emerging refurbishment companies are increasing in numbers, primarily due to the rising requests for full completion/refurbishment of used aircraft & helicopters. Over the past few years, the need to upgrade aircraft interiors have grown significantly. Moreover, the advent of various novel technologies in aircraft repair & maintenance services accelerates the growth of the market.
Besides, various airline companies are currently focusing on improving cabin interiors & providing world-class experiences to passengers to enhance their brand value, which in turn fosters market growth. Market Research Future (MRFR), in its Covid-19 Analysis on the global aircraft refurbishing market, asserts that the market is estimated to rise at 6% CAGR during the forecast period (2020 to 2025). An increase in the global economy is undoubtedly a major driving force behind the growth of the market.
In its Covid-19 aircraft refurbishing market analysis, MRFR has mentioned that the market had garnered colossal traction in 2020. Additionally, factors such as the growing emphasis on the development of advanced aircraft and increasing fleets of aircraft across the world substantiate market growth. Augmenting demand for narrow-body aircraft is also expected to drive the market growth. Furthermore, the growing use of lightweight materials in aircraft to increase fuel efficiency propels the growth of the market.
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Conversely, the high costs associated with aircraft refurbishing act as a key growth impeder for the market, which is expected to continue in the future. Nevertheless, ongoing R&D activities would support the growth of the market throughout the review period, presenting low- cost solutions for maintenance & repair. Also, advancements in automation are predicted to bring about innovations and improvements in related technologies used in aircraft refurbishing processes.
Competitive Analysis
Highly competitive, the COVID-19 Impact on Aircraft Refurbishing Market appears fragmented due to the presence of several well-established players. They incorporate strategies such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive share in the market.
Industry players focus on the development of in-house manufacturing capabilities and newer technologies. To meet these goals, they increase their R&D investments. Market players compete based on reputation reliability, cost, product quality, and aftermarket services. Governmental support, market conditions, and industrial development are the three core factors impacting the growth of these vendors.
Players leading the global COVID-19 Impact on Aircraft Refurbishing Market include Air France Industries KLM E&M (France), AAR (US), Ascent Aviation Services (US), Hong Kong Aircraft Engineering Company (China), GKN (UK), Jamco America Inc. (US), Lufthansa Technik (Germany), JCB Aero (France), Singapore Technologies Engineering Ltd. (Singapore), and SIA Engineering Company (Singapore), among others.
Industry/ Innovation/ Related News
May 15, 2020 - NDL Group Inc., a US-based construction services provider, announced the completion of construction and aesthetic beauty of Aviation Complex at Henderson Executive Airport. NDL Group had partnered with All in Aviation and maintenance partner, Lone Mountain Aviation, at the Henderson Executive Airport (HND).
June 25, 2019 -1 Vision Aviation, an FAA-certified aircraft repair & maintenance Company in the US, announced its entry in Salina’s aircraft maintenance market (the US). The company undertakes repair & overhauls of commercial and corporate airliners, as well as private planes, crop dusters, and other general aviation products. Hangar 959, which is the largest hangar at the Salina Regional Airport, has been leased to 1 Vision Aviation.
Market Segmentation
Global COVID-19 Impact on Aircraft Refurbishing Market is segmented into four dynamics.
By Aircraft Type: Wide-Body Aircraft, Narrow-Body Aircraft, and others.
By Refurbishing Type: Partial or Complete Refurbishing, In-flight Entertainment & Connectivity System, Cockpit, and others.
By Application: Passenger to Freighter, Commercial Cabin Refurbishing, VP Cabin Refurbishing, and others.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
Regional Analysis
North America dominates the global COVID-19 Impact on Aircraft Refurbishing Market. The largest market share attributes to the rising demand for aircraft refurbishing due to the presence of many airline companies in the region. Also, the growing numbers of private jet owners and industry players impact the regional market growth positively.
Moreover, the introduction of favorable government policies regarding the repair & maintenance works in this region foster market growth. Heading with the major contribution from the US, the North American aircraft refurbishing market is assumed to acquire a significant market share over the anticipated period.
Europe stands second in the global aircraft refurbishing market. This market is driven by the presence of many giant players and large aviation & aeronautics industries in the region. Additionally, rising economy, alongside the increasing numbers of aircraft, air travels, and aircraft due for repair & maintenance works in the region, fosters regional market growth. The European aircraft refurbishing market is estimated to create a substantial revenue pocket over the assessment period.
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The aircraft refurbishing market in the Asia Pacific region is growing rapidly. This market is vibrating with rapid economic growth, especially in countries such as India and China. Additionally, factors such as the availability of advanced technologies and the cost-competitive workforce required for aircraft repair & maintenance services propel the regional market growth. The APAC aircraft refurbishing market is expected to witness impressive growth during the forecast period.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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