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Aircraft Refurbishing Market Value to Surpass US$ 7.4 Bn by 2031: FMI
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The aircraft refurbishing market is expected to surpass $7.4 billion by 2031, fueled by aviation industry growth and rising air passenger traffic.
As per FMI, the global aircraft refurbishing market is projected to top US$ 4.2 Bn in 2021. Growing emphasis on the expansion of the aviation industry across China, India, and the U.S., following the outbreak of COVID-19 is facilitating the growth in the market.
Rising air passenger traffic is being experience, owing to the surging demand for fast-paced travel amongst the millennial population. On account of this, the aircraft refurbishing market is expected to surpass US$ 7.4 Bn by the end of 2031.
Numerous airline companies are actively investing in interiors of their aircrafts by installing advanced in-flight entertainment systems, comfortable seating, and LED lightings, to enhance the passenger experience.
In addition to this, growing demand for VIP cabin refurbishing due to rising air traffic in first class is anticipated to accelerate the sales of aircraft refurbishing market. As per Future Market Insights, the market is projected to expand at 5.8% CAGR over the forecast period 2021-2031.
On the basis of fitting type, the retrofitting segment is projected to exhibit the fastest growth in the market, expanding at 5.7% CAGR through 2031. Increasing installation of avionics systems, technologically advanced connectivity solutions, and new cabins to increase the safety and comfort in aircraft is driving the growth in the segment.
“Increasing demand for air transport maintenance, repair, and overhaul (MRO) services and upsurge in the trend of the passenger to freighter aircraft conversions is creating high growth prospects in the market,” says a FMI analyst.
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Competitive Landscape
As per FMI key players in the global aircraft refurbishing market include Safran SA, Raytheon Technologies, Gulfstream Aerospace Ltd., Lufthansa Technik AG, AFI KLM E&M. These companies are estimated to cumulatively account for around 89.8% of the total revenue share in 2021.
Leading players are intensively investing to developing advanced technological innovations for aircraft interior components to gain competitive edge. Also, some of the companies are also focusing in entering into strategic partnerships, agreements, and collaborations with other industry players to strengthen their footprint. For instance,
Some of the key players operating in the market profiled by FMI are:
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More Valuable Insights on Aircraft Refurbishing Market
The latest report by FMI provides a detailed analysis of the global aircraft refurbishing market, providing vital insights into key factor driving the market through 2021 and beyond. The study also disclosed sales projections on in aircraft refurbishing market with detailed segmentation:
By Fitting Type:
By Aircraft Type:
By Refurbishing Type:
By Region:
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Key Questions Covered in the Report
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the projected growth of the global aircraft refurbishing market, expected to surpass $7.4 billion by 2031.
Market growth is driven by aviation industry expansion, increased air passenger traffic, and demand for VIP cabin refurbishing.
Key players include Safran SA, Raytheon Technologies, Gulfstream Aerospace, and Lufthansa Technik AG.
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