Global aircraft refurbishing market is anticipated to reach USD 7.89 billion by 2030, at a CAGR of 7.49% from 2021 to 2030. The increase in air traffic across the world, the rising demand for cost-effective aircraft maintenance solutions, and the rising demand for passenger air travel are some of the factors that are expected to drive the market growth.
The rising demand for air travel is one of the key market drivers. The demand for leisure and business travel has been rising, resulting in increased air traffic in many parts of the world. The demand for air travel is expected to increase due to the increasing number of travelers, the growing demand for flexible travel options, and the rising demand for low-cost flights.
Aircraft refurbishing is a cost-effective alternative to the purchase of a new aircraft. It involves the repair, maintenance, and modification of existing aircraft. The rising demand for cost-effective aircraft maintenance solutions is expected to drive the market growth. The increasing demand for aircraft refurbishment services among airlines is also expected to contribute to the market growth.
The growing demand for aircraft refurbishment services among airlines is expected to drive the market growth. Airlines are increasingly opting for refurbishment services, as it helps reduce the cost of maintenance. Additionally, the increasing demand for passenger air travel is expected to be a major driver of the market.
The market is also expected to be driven by the growing demand for cost-effective aircraft maintenance solutions. Airlines are increasingly opting for refurbishment services, as it helps reduce the cost of maintenance. Additionally, the increasing demand for passenger air travel is expected to be a major driver of the market.
Restraints of Aircraft Refurbishing Market
- High Labor Costs: Labor costs are one of the biggest restraints of aircraft refurbishing, as the costs associated with hiring aircraft technicians, engineers, and other staff can be high.
- Limited Availability of Parts: Another restraint of aircraft refurbishing is the limited availability of parts. Given the age of some aircraft, parts can be difficult to acquire and expensive to replace.
- Environmental Regulations: Environmental regulations also play a role in aircraft refurbishing, as certain materials and processes must be used in order to meet the standards set by government bodies.
- Labor Specialization: Aircraft refurbishing can be a highly specialized field, which can limit the number of technicians and engineers that are available to perform the work.
- Cost of Refurbishment: The cost of refurbishing an aircraft can be high, especially when taking into consideration the cost of parts, labor, and other materials.
The global aircraft refurbishing market is segmented on the basis of aircraft type, end-user, and region. Based on aircraft type, the market is segmented into narrow-body aircraft, wide-body aircraft, and regional aircraft. Based on end-user, the market is segmented into commercial airlines and general aviation.
Region-wise, the global aircraft refurbishing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to account for the largest share of the market, followed by Europe and Asia Pacific. The increasing demand for aircraft refurbishment services in the region is expected to contribute to the market growth.
The key players operating in the global aircraft refurbishing market are Airbus, The Boeing Company, Gulfstream Aerospace Corporation, Pilatus Aircraft Ltd., Textron Aviation Inc., and Bombardier Aerospace. These companies are focusing on strategies such as mergers and acquisitions, product launches, and partnerships to gain a competitive edge in the market.