Global Air Transport MRO Market Report 2024: Size, Drivers, And Top Segments

March 27, 2024March 22, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The air transport Maintenance, Repair, and Overhaul (MRO) market has demonstrated significant growth in recent years, with projections pointing towards continued expansion. In 2023, the market size stood at $84.68 billion, set to increase to $89.98 billion in 2024, boasting a commendable compound annual growth rate (CAGR) of 6.3%.

Factors Driving Growth

Several key factors have fueled this growth both historically and in the forecast period:

Economic Cycles and Market Demand: Fluctuations in economic cycles and market demand have influenced industry dynamics.
Safety and Risk Mitigation: Emphasis on safety measures and risk mitigation strategies has bolstered the demand for MRO services.
Outsourcing and Cost Management: Outsourcing MRO services and cost management strategies have contributed to market expansion.
Technological Innovations: Innovations in MRO technologies have revolutionized industry practices, driving efficiency and performance.

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Rising Air Travel Propels Growth

The surge in air travel serves as a primary driver for the air transport MRO market’s growth trajectory.

Boosting Flight Readiness: MRO services play a crucial role in enhancing flight readiness and extending aircraft lifespan, aligning with increased air travel demands.
IATA Statistics: Statistics from the International Air Transport Association (IATA) highlight a significant surge in air travel demand, particularly evident in April 2022.
Market Response: Major players in the industry are gearing up to meet the escalating demands of the air transport MRO market, ensuring readiness and efficiency.

Technological Advancements in MRO

Technological innovation emerges as a prominent trend within the air transport MRO market, driving advancements and efficiencies.

Focus on Development: Industry leaders are heavily invested in developing cutting-edge technologies to enhance MRO processes.
JSSI Maintenance Software: Launch of Jet Support Services, Inc. (JSSI) Maintenance Software showcases the industry’s commitment to technological integration and advancement.

AAR Corp Acquired Trax

Strategic acquisitions further underscore the industry’s commitment to digital solutions and market expansion.

AAR Corp’s Acquisition: AAR Corp’s acquisition of Trax for $120 million emphasizes the company’s dedication to providing digital solutions in the aftermarket sector.
Cross-Selling Opportunities: The acquisition paves the way for cross-selling opportunities, leveraging Trax’s customer base and expanding AAR Corp’s market reach.

Market Segmentation

The air transport MRO market is segmented based on various factors:

Type: Engine, Line, Airframes, Other Types
Service: Heavy Maintenance Inspection, Engine Service Check, Component Maintenance, Line Maintenance, Avionic Standardization, Aircraft Conversions
Aircraft Type: Narrow Body Aircraft, Wide-Body Aircraft, Regional Jet, Turbo Prop, Other Aircraft Types
Application: Civil Air Transport MRO, Military Air Transport MRO

Regional Dominance

Asia-Pacific emerged as the largest region in the air transport MRO market in 2023, reflecting the region’s significance in driving industry growth.

Asia-Pacific: Positioned as a key player, Asia-Pacific’s dominance underscores its pivotal role in shaping market dynamics and expansion.

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The Air Transport MRO Global Market Report 2024 provides comprehensive insights on the air transport MRO market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the air transport MRO market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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