Pune, India -- (SBWIRE) -- 04/25/2018 -- Market Highlights:

The global commercial aircraft aftermarket parts market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of commercial aircraft aftermarket parts will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2023).

The commercial aircraft aftermarket is completely dependent on the growth of aircrafts in service. Thus, the increasing or decreasing demand of the aircraft service directly has an impact on the market. To support the spare part requirement for their fleet, airlines usually maintain inventory of aircraft spare parts to prevent AOG situations which costs thousands of dollars per hour. MRO providers and Third Party Companies which are a part of aircraft aftermarket parts industry also maintain inventory of such parts. Another factor responsible for the increase in commercial aircraft aftermarket parts is the growing involvement of OEMs providing total care programs to attract customers towards them and capture a share of this lucrative market has also supported the growth in the market. This is the primary factor that drives the growth of the commercial aircraft aftermarket parts market and has gained prevalence in the recent times, rise in global online aviation spare parts platform. Thus, the growth of the commercial aircraft aftermarket parts market is expected to go hand in hand with the growth of aircraft industry.

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The Leading Market Players in the global commercial aircraft aftermarket parts market primarily include AAR, Eaton, General electric, Honeywell International , Rockwell Collins, AJW aviation, avail, BE aerospace, BF Goodrich, Meggitt, Parker-Hannifin, and Pratt& Whitney.

Industry/ Innovation/ Related News:

February, 2018 – Pratt & Whitney signed 15 year EngineWise fleet management agreement with Turkish airlines. The agreement will cover Turkish Airlines' future fleet of 92 A321neo aircraft powered by the Pratt & Whitney Geared Turbofan™ (GTF) engines.
October, 2016 – Rockwell Collins announced new service contract to repair Rockwell Collins systems on board a critical transport aircraft, an enhanced aircraft connectivity advancement, in addition to a new aftermarket upgrade for its MultiScan weather radar.

Commercial Aircraft Aftermarket Parts Market – Segmentation

The global commercial aircraft aftermarket parts market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Parts : Comprises MRO parts and Rotable Scrap Replacement Parts
Segmentation by Aircraft Type : Comprises Wide body Aircraft, Narrow body Aircraft and Regional Jet
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World.

Commercial Aircraft Aftermarket Parts Market: Regional Analysis

European market is dominating the market of commercial aircraft aftermarket parts market due to higher share of wide body aircrafts in their fleet. Thus, as the aircraft fleet grow globally, so does the requirement for aftermarket parts for those aircrafts.
Asia-Pacific is referred to as the second-largest commercial aircraft aftermarket parts market due to factors such as growth in aircraft fleet have fuelled the demand for aircraft aftermarket parts market.

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