Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Components (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Others), Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft), and End-Users (Commercial and Military)

 The aircraft MRO market was valued at US$ 49.80 billion in 2020 and is projected to reach US$ 68.35 billion by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.

 

With the rapidly growing aviation industry from the past few years, the demand for airline MRO services is also increasing. Emerging economies in APAC are highly focused on extending MRO services to commercial as well as military aircraft companies. Economic growth, increasing passengers, and growing aviation infrastructure spending across APAC are among the factors driving the growth of the aircraft MRO market. A few APAC countries such as Singapore, Malaysia, and Thailand produce a large amount of revenue from the aviation MRO market due to well-established MRO hubs. For instance, among the rest of APAC countries, Singapore dominates the market in the region due to its established hubs of MRO and significant presence of major industry players such as GE Aviation, Airbus, and Rolls-Royce. According to Wisconsin Economic Development Corporation (WEDC), Singapore comprises 120 aerospace companies, which almost holds one-quarter of the APAC’s MRO market players. Further, the rising number of middle-class travelers, especially in APAC countries such as India, China, and Singapore, is the main factor contributing to the growth of air travel, which is consequently increasing the need for aircraft MRO services in the region.  

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Impact of COVID-19 Pandemic on Aircraft MRO Market

The COVID-19 pandemic has hampered the economic growth of almost every country. The airline industry has witnessed high impact of this economic downturn. Moreover, the damaged economic growth of countries has led to shutdown of small airlines companies in 2020. Due to the ongoing COVID-19 outbreak, all the major countries in Europe, Asia Pacific, and North America have imposed strict restrictions on business activities and movement of goods and people. All these factors are restricting both supply of and demand for aircraft maintenance services, thereby hindering the revenue growth of the global aircraft MRO market. Also, second wave of COVID-19 outbreak in countries such as India, France, and the US would negatively impact the market growth throughout the first half of 2021. It is expected that the aircraft MRO market growth will stabilize in 2022, and the market will witness positive growth from 2022 to 2028.