Report : Asia Pacific Aircraft MRO Market Forecast to 2030 - Regional 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)
At 6.4% CAGR, Asia Pacific Aircraft MRO Market is Projected to be Worth US$ 46,482.95 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific aircraft MRO market was valued at US$ 28,315.86 million in 2022 and is projected to reach US$ 46,482.95 million by 2030, registering a CAGR of 6.4% from 2022 to 2030. Rising presence of MRO service providers in emerging economies and blockchain technology changing MRO landscape are among the critical factors attributed to drive the Asia Pacific aircraft MRO market growth.
With the rapidly growing aviation industry over the past few years, the demand for airline MRO services is also increasing. Emerging economies, such as those in Asia Pacific, are highly focused on extending MRO services to commercial as well as military aircraft companies. Major aircraft MRO businesses in Asia Pacific include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Heavy spending on aviation infrastructure, economic growth, and increase in passenger count are the factors propelling the adoption of aircraft maintenance services. Moreover, the soaring number of middle-class travelers—especially in Asia Pacific countries, such as China, Singapore, and India—is the main factor contributing to air travel growth, which is consequently increasing the need for aircraft maintenance services in the region. The Rest of Asia Pacific countries, which include Singapore, Malaysia, and Thailand, produce a large amount of revenue from the aviation MRO market due to well-established MRO hubs. For instance, Singapore dominates the Rest of Asia Pacific due to its established MRO hubs, and major market players such as GE Aviation, Airbus, and Rolls-Royce have substantial footprints in Singapore. According to the Wisconsin Economic Development Corporation (WEDC), Singapore houses 120 aerospace companies, which have gathered one-quarter of the Asia Pacific's MRO market.
On the contrary, OEMs entering aftermarket hampers the growth of Asia Pacific aircraft MRO market.
Based on components, the Asia Pacific aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment held 41.9% market share in 2022, amassing US$ 11,863.16 million. It is projected to garner US$ 21,384.65 million by 2030 to register 7.6% CAGR during 2022–2030.
In terms of aircraft type, the Asia Pacific aircraft MRO market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held 68.3% share of Asia Pacific aircraft MRO market in 2022, amassing US$ 19,332.60 million. It is anticipated to garner US$ 30,687.04 million by 2030 to expand at 5.9% CAGR during 2022–2030.
By end users, the Asia Pacific aircraft MRO market is divided into commercial and military. The commercial segment held 73.8% share of Asia Pacific aircraft MRO market in 2022, amassing US$ 20,886.64 million. It is projected to garner US$ 34,123.56 million by 2030 to expand at 6.3% CAGR from 2022 to 2030.
Based on country, the Asia Pacific aircraft MRO market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 36.8% share of Asia Pacific aircraft MRO market in 2022. It was assessed at US$ 10,431.17 million in 2022 and is likely to hit US$ 17,593.80 million by 2030, registering a CAGR of 6.8% during 2022–2030.
Key players operating in the Asia Pacific aircraft MRO market are AAR CORP, Barnes Group Inc, Collins Aerospace, Delta TechOps, GE Aviation, Lufthansa Technik, Rolls-Royce plc, Singapore Technologies Engineering Ltd, and Turkish Technic Inc, among others.
- In September 2023, ST Engineering announced that its Commercial Aerospace business has secured multi-year contracts to provide Japan Airlines with its component Maintenance-By-the-Hour (MBHTM) solutions, strengthening a longstanding relationship with the airline in integrated MRO support.
- In June 2023, StarFlyer and Lufthansa Technik recently signed a long-term exclusive contract for MRO (maintenance, repair and overhaul) services on the engines of the Japanese airline's Airbus A320ceo and A320neo fleets. Under the terms of the contract, Lufthansa Technik will provide StarFlyer with comprehensive technical support for CFM56-5B and LEAP-1A powerplants even into the next decade. The MRO company is thus further expanding its customer base for the modern CFM LEAP* engine in Asia.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com