The global air transport MRO market is projected to grow at a rapid pace in the coming years, according to Transparency Market Research (TMR). An emerging industry, the vendors in the global air transport MRO market are expected to engage in various organic as well as inorganic growth strategies in order to gain momentum.
Market players are seen focusing on establishing partnerships with original equipment manufacturers (OEMs) in order to up their game. Further, the launch of novel products is another leading schemed leveraged by vendors in the global air transport MRO market. This is expected to help vendors gain more shares in terms of the market revenue in the forthcoming years. Further, research and development towards offering enhanced and advanced services in order to cater the latest next-generation aircrafts offers lucrative opportunity to vendors.
Other than this, mergers and acquisition is the most sought-after strategy used by vendors in the global air transport MRO market in order to gain traction in the industry.
Key players in the global air transport MRO market are John Swire & Sons HK Ltd, Air France-KLM SA, Delta Air Lines, Inc., China National Aviation Holding Company, General Electric Company, AAR Corporation, and British Airways PLC.
By the end of the forecast era the global air transport MRO market is expected to produce revenues of up to 101.94 billion USD. During the same forecast period, the market will grow at a CAGR of 4.2%. Based on product type, it has been calculated that the motors will lead the sector by producing over nine years total sales of $14 billion. Europe is expected to dominate the MRO market for air transport with the highest amount of stocks. The regional assessment shows this. The region is led by the replacement of ancient aircraft by newer aircraft.
Surge in Air Travelers to Stoke Air Transport MRO Market
Air travelers around the world are growing day by day, mainly owing to the development of over 700 connectivity paths. In 2017, international passenger traffic risen by 7.6 percent, above the average annual increase in the last ten years, i.e. 5.5 percent, according to the International Air Transportation Association.
The growing iteration of fleets and the growing number of air travelers are the main drivers of market development. The aeronautical sector has a wide range of environmental regulations, air transport infrastructure, economic growth and the development of the fleet. This will in turn affect the development of the economy. In addition, increasing demand for MRO aircraft to decrease operating costs fuels the global air transport MRO market.